Tegna Inc (TGNA) Shares Sold by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. decreased its holdings in Tegna Inc (NYSE:TGNA) by 8.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,418,014 shares of the company’s stock after selling 327,531 shares during the quarter. Tegna makes up about 0.9% of Pinnacle Associates Ltd.’s investment portfolio, making the stock its 23rd largest position. Pinnacle Associates Ltd. owned approximately 1.59% of Tegna worth $48,126,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of TGNA. The Manufacturers Life Insurance Company raised its position in Tegna by 29.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 316,518 shares of the company’s stock valued at $4,561,000 after purchasing an additional 71,616 shares during the last quarter. Mutual of America Capital Management LLC raised its position in Tegna by 2.9% in the 3rd quarter. Mutual of America Capital Management LLC now owns 174,749 shares of the company’s stock valued at $2,329,000 after purchasing an additional 5,000 shares during the last quarter. Denali Advisors LLC raised its position in Tegna by 301.9% in the 3rd quarter. Denali Advisors LLC now owns 166,000 shares of the company’s stock valued at $2,213,000 after purchasing an additional 124,700 shares during the last quarter. APG Asset Management N.V. increased its stake in shares of Tegna by 0.8% in the 3rd quarter. APG Asset Management N.V. now owns 1,279,700 shares of the company’s stock valued at $17,058,000 after buying an additional 9,600 shares during the period. Finally, Strs Ohio increased its stake in shares of Tegna by 15.0% in the 3rd quarter. Strs Ohio now owns 575,000 shares of the company’s stock valued at $7,664,000 after buying an additional 75,000 shares during the period. Hedge funds and other institutional investors own 99.91% of the company’s stock.
In related news, COO Lynn B. Trelstad sold 3,112 shares of Tegna stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $12.85, for a total transaction of $39,989.20. Following the completion of the sale, the chief operating officer now directly owns 24,152 shares of the company’s stock, valued at $310,353.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by insiders.
Tegna (NYSE:TGNA) last announced its quarterly earnings data on Thursday, March 1st. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Tegna had a return on equity of 19.56% and a net margin of 20.74%. The business had revenue of $480.45 million during the quarter, compared to analysts’ expectations of $491.79 million. During the same period in the previous year, the firm earned $0.74 earnings per share. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. analysts anticipate that Tegna Inc will post 1.71 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, March 8th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.23%. Tegna’s dividend payout ratio (DPR) is presently 13.15%.
TGNA has been the subject of several research reports. ValuEngine raised Tegna from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Noble Financial reissued a “buy” rating on shares of Tegna in a research note on Tuesday, December 19th. Wells Fargo & Co raised Tegna from a “market perform” rating to an “outperform” rating and set a $19.00 target price for the company in a research note on Thursday, January 4th. Zacks Investment Research cut Tegna from a “hold” rating to a “sell” rating in a research note on Wednesday, January 10th. Finally, Benchmark reissued a “buy” rating and issued a $19.00 target price on shares of Tegna in a research note on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $15.63.
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Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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