Victory Capital Management Inc. Cuts Stake in TEGNA Inc. (NYSE:TGNA)

Victory Capital Management Inc. reduced its stake in TEGNA Inc. (NYSE:TGNA) by 8.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 980,523 shares of the company’s stock after selling 90,880 shares during the period. Victory Capital Management Inc.’s holdings in TEGNA were worth $15,473,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in TEGNA by 26.2% in the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock valued at $14,068,000 after acquiring an additional 184,845 shares during the period. Dimensional Fund Advisors LP raised its stake in TEGNA by 1.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock valued at $143,714,000 after acquiring an additional 141,638 shares during the period. Capital Management Corp VA raised its stake in TEGNA by 30.3% in the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock valued at $11,453,000 after acquiring an additional 168,667 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in TEGNA by 9,100.0% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 184,000 shares of the company’s stock valued at $2,749,000 after acquiring an additional 182,000 shares during the period. Finally, SG Americas Securities LLC bought a new stake in TEGNA in the 3rd quarter valued at about $626,000. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Trading Up 1.2 %

Shares of TGNA opened at $17.88 on Wednesday. The business’s 50-day moving average price is $16.20 and its 200-day moving average price is $15.01. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The stock has a market cap of $2.88 billion, a PE ratio of 6.32 and a beta of 0.49. 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 results 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. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The firm had revenue of $806.83 million for the quarter, compared to analysts’ expectations of $795.72 million. During the same period in the prior year, the business posted $0.39 earnings per share. The company’s revenue was up 13.1% on a year-over-year basis. On average, equities analysts forecast that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

Analysts Set New Price Targets

TGNA has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Finally, Benchmark boosted their price objective on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th.

Insider Buying and Selling

In related news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now directly owns 154,617 shares in the company, valued at approximately $2,535,718.80. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by company insiders.

About TEGNA

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.