Gabelli Funds LLC Sells 28,641 Shares of TEGNA Inc. (NYSE:TGNA)

Gabelli Funds LLC lessened its position in TEGNA Inc. (NYSE:TGNA) by 1.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,846,386 shares of the company’s stock after selling 28,641 shares during the period. Gabelli Funds LLC’s holdings in TEGNA were worth $28,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of TGNA. Parallel Advisors LLC increased its position in shares of TEGNA by 142.1% during the 4th quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock worth $26,000 after purchasing an additional 983 shares in the last quarter. Covestor Ltd raised its stake in shares of TEGNA by 94.3% in the third quarter. Covestor Ltd now owns 2,741 shares of the company’s stock valued at $40,000 after acquiring an additional 1,330 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of TEGNA by 34.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 4,474 shares of the company’s stock worth $65,000 after acquiring an additional 1,145 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of TEGNA by 32.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 4,810 shares of the company’s stock worth $74,000 after acquiring an additional 1,180 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in TEGNA during the 3rd quarter valued at $97,000. Institutional investors and hedge funds own 92.19% of the company’s stock.

Insider Activity at TEGNA

In other TEGNA news, SVP Clifton A. Mcclelland III sold 54,093 shares of TEGNA stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $15.78, for a total value of $853,587.54. Following the transaction, the senior vice president now owns 42,602 shares of the company’s stock, valued at $672,259.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO David T. Lougee sold 32,813 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $15.04, for a total value of $493,507.52. Following the completion of the transaction, the chief executive officer now owns 692,838 shares of the company’s stock, valued at $10,420,283.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Clifton A. Mcclelland III sold 54,093 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $15.78, for a total value of $853,587.54. Following the transaction, the senior vice president now directly owns 42,602 shares of the company’s stock, valued at $672,259.56. The disclosure for this sale can be found here. Insiders sold a total of 130,656 shares of company stock worth $1,990,220 in the last quarter. Corporate insiders own 0.88% of the company’s stock.

TEGNA Trading Down 1.2 %

TGNA stock traded down $0.18 during midday trading on Wednesday, reaching $14.46. The stock had a trading volume of 1,313,794 shares, compared to its average volume of 2,082,206. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 5.08 and a beta of 0.51. TEGNA Inc. has a twelve month low of $13.18 and a twelve month high of $17.37. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 1.10. The business has a fifty day simple moving average of $14.34 and a two-hundred day simple moving average of $14.80.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The business had revenue of $714.30 million during the quarter, compared to the consensus estimate of $718.86 million. During the same period in the previous year, the firm posted $0.47 earnings per share. TEGNA’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, research analysts expect that TEGNA Inc. will post 3.11 EPS for the current fiscal year.

TEGNA Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a $0.125 dividend. This is a positive change from TEGNA’s previous quarterly dividend of $0.11. The ex-dividend date is Friday, June 7th. This represents a $0.50 annualized dividend and a dividend yield of 3.46%. TEGNA’s payout ratio is 16.08%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Benchmark decreased their target price on TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 1st. JPMorgan Chase & Co. decreased their price objective on shares of TEGNA from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Friday, March 1st. Finally, Wells Fargo & Company dropped their target price on shares of TEGNA from $17.00 to $15.00 and set an “equal weight” rating for the company in a research note on Friday, February 9th.

TEGNA Company 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.