Rhumbline Advisers Sells 82,749 Shares of TEGNA Inc. (NYSE:TGNA)

Rhumbline Advisers trimmed its position in TEGNA Inc. (NYSE:TGNA) by 10.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 692,334 shares of the company’s stock after selling 82,749 shares during the period. Rhumbline Advisers’ holdings in TEGNA were worth $9,651,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its position in shares of TEGNA by 30.3% during the fourth quarter. Russell Investments Group Ltd. now owns 28,193 shares of the company’s stock worth $431,000 after purchasing an additional 6,554 shares in the last quarter. Victory Capital Management Inc. grew its stake in TEGNA by 5.6% in the 4th quarter. Victory Capital Management Inc. now owns 59,540 shares of the company’s stock worth $911,000 after acquiring an additional 3,165 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of TEGNA by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,821,874 shares of the company’s stock worth $27,875,000 after buying an additional 28,074 shares during the period. Dimensional Fund Advisors LP grew its holdings in TEGNA by 17.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,294,455 shares of the company’s stock worth $157,506,000 after acquiring an additional 1,501,986 shares in the last quarter. Finally, Vise Technologies Inc. bought a new position in shares of TEGNA during the fourth quarter valued at approximately $271,000. 92.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of TEGNA in a report on Thursday, August 8th.

TEGNA Trading Down 2.3 %

Shares of TEGNA stock opened at $13.87 on Thursday. The firm’s 50 day simple moving average is $14.51 and its two-hundred day simple moving average is $14.29. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $16.56. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 4.85 and a beta of 0.49.

TEGNA (NYSE:TGNA) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. The firm had revenue of $710.36 million for the quarter, compared to analyst estimates of $715.40 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. Analysts predict that TEGNA Inc. will post 3.07 EPS for the current year.

TEGNA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be given a dividend of $0.125 per share. The ex-dividend date is Friday, September 6th. This represents a $0.50 annualized dividend and a yield of 3.60%. TEGNA’s dividend payout ratio is presently 17.48%.

Insider Activity at TEGNA

In other TEGNA news, CEO David T. Lougee sold 98,437 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the transaction, the chief executive officer now directly owns 594,401 shares of the company’s stock, valued at $8,309,725.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 98,467 shares of company stock worth $1,376,563 in the last 90 days. Corporate insiders own 0.88% of the company’s stock.

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.