Sessa Capital IM L.P. Lowers Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Sessa Capital IM L.P. lessened its position in TEGNA Inc. (NYSE:TGNA) by 33.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,184,471 shares of the company’s stock after selling 600,000 shares during the quarter. TEGNA makes up 0.7% of Sessa Capital IM L.P.’s investment portfolio, making the stock its 20th largest holding. Sessa Capital IM L.P.’s holdings in TEGNA were worth $18,691,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of TGNA. Miller Howard Investments Inc. NY boosted its position in TEGNA by 1.8% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 42,031 shares of the company’s stock valued at $586,000 after buying an additional 726 shares during the period. US Bancorp DE grew its stake in TEGNA by 20.4% during the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after purchasing an additional 764 shares in the last quarter. Manchester Financial Inc. increased its holdings in TEGNA by 0.9% during the 2nd quarter. Manchester Financial Inc. now owns 118,202 shares of the company’s stock worth $1,648,000 after purchasing an additional 1,047 shares during the period. O Keefe Stevens Advisory Inc. raised its position in TEGNA by 7.4% in the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 16,024 shares of the company’s stock valued at $223,000 after purchasing an additional 1,099 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its stake in shares of TEGNA by 0.8% in the 2nd quarter. Texas Permanent School Fund Corp now owns 173,408 shares of the company’s stock valued at $2,417,000 after buying an additional 1,341 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

Insider Buying and Selling at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the transaction, the chief operating officer now owns 154,617 shares of the company’s stock, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.88% of the stock is owned by company insiders.

TEGNA Trading Up 2.1 %

Shares of TEGNA stock opened at $18.49 on Friday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a fifty day simple moving average of $16.28 and a 200-day simple moving average of $15.04. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 6.53 and a beta of 0.49. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The company had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same quarter last year, the company posted $0.39 earnings per share. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities analysts forecast that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, December 6th. TEGNA’s dividend payout ratio (DPR) is 17.67%.

Analyst Ratings Changes

A number of analysts recently weighed in on TGNA shares. StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Benchmark boosted their target price on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their price target on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th.

TEGNA Profile

TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.