Heritage Investors Management Corp Sells 2,801 Shares of TEGNA Inc. (NYSE:TGNA)

Heritage Investors Management Corp cut its stake in shares of TEGNA Inc. (NYSE:TGNA) by 21.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,419 shares of the company’s stock after selling 2,801 shares during the quarter. Heritage Investors Management Corp’s holdings in TEGNA were worth $164,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Harbor Capital Advisors Inc. bought a new position in TEGNA during the third quarter worth $28,000. Fidelis Capital Partners LLC bought a new position in TEGNA during the first quarter worth $28,000. Headlands Technologies LLC acquired a new position in TEGNA during the first quarter worth $46,000. US Bancorp DE raised its holdings in TEGNA by 20.4% during the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after buying an additional 764 shares during the last quarter. Finally, CWM LLC raised its holdings in TEGNA by 146.3% during the second quarter. CWM LLC now owns 4,614 shares of the company’s stock worth $64,000 after buying an additional 2,741 shares during the last quarter. 92.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Benchmark restated a “buy” rating and set a $21.00 price objective on shares of TEGNA in a report on Thursday, August 8th.

TEGNA Stock Performance

TGNA opened at $16.05 on Wednesday. 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 company’s fifty day moving average price is $15.32 and its two-hundred day moving average price is $14.70. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $17.08. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 6.63 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 the consensus estimate of $0.48 by $0.02. The firm had revenue of $710.36 million for the quarter, compared to the consensus estimate of $715.40 million. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. The business’s revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.44 earnings per share. On average, analysts expect that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

Insider Activity

In other news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the completion of the sale, the chief operating officer now owns 179,617 shares in the company, valued at $2,493,083.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 50,016 shares of company stock worth $757,218 over the last quarter. Insiders own 0.88% of the company’s stock.

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.