Tidal Investments LLC Has $836,000 Stake in TEGNA Inc. (NYSE:TGNA)

Tidal Investments LLC lessened its position in TEGNA Inc. (NYSE:TGNA) by 54.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,984 shares of the company’s stock after selling 63,967 shares during the period. Tidal Investments LLC’s holdings in TEGNA were worth $836,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of TGNA. Pacer Advisors Inc. grew its stake in shares of TEGNA by 2,898.4% in the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock worth $170,521,000 after purchasing an additional 10,445,739 shares during the last quarter. LSV Asset Management increased its stake in shares of TEGNA by 29.5% in the second quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock valued at $111,862,000 after buying an additional 1,827,471 shares during the period. Millennium Management LLC raised its position in shares of TEGNA by 395.9% during the second quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock worth $12,974,000 after acquiring an additional 743,052 shares during the last quarter. Empowered Funds LLC raised its position in shares of TEGNA by 757.4% during the third quarter. Empowered Funds LLC now owns 662,417 shares of the company’s stock worth $10,453,000 after acquiring an additional 585,156 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of TEGNA by 132.9% during the second quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock worth $12,780,000 after acquiring an additional 523,120 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors.

Insider Transactions at TEGNA

In other news, COO Lynn B. Trelstad sold 25,000 shares of TEGNA stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total transaction of $410,000.00. Following the completion of the transaction, the chief operating officer now directly owns 154,617 shares in the company, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by insiders.

Analysts Set New Price Targets

TGNA has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Wells Fargo & Company raised shares of TEGNA from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $21.00 to $23.00 in a research note on Thursday. StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Finally, Benchmark lifted their price objective on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, November 8th.

TEGNA Stock Up 1.5 %

TEGNA stock opened at $18.40 on Friday. The company has a market capitalization of $2.96 billion, a PE ratio of 6.50 and a beta of 0.52. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. The firm’s fifty day moving average is $17.77 and its 200 day moving average is $15.61. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.11. The firm had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 earnings per share. As a group, sell-side analysts predict 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 issued a $0.125 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.50 annualized dividend and a yield of 2.72%. TEGNA’s payout ratio is currently 17.67%.

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.