TEGNA Inc. (NYSE:TGNA) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 3.4% in the 4th quarter, HoldingsChannel reports. The fund owned 1,217,865 shares of the company’s stock after selling 42,936 shares during the quarter. California Public Employees Retirement System’s holdings in TEGNA were worth $18,633,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Covestor Ltd raised its stake in TEGNA by 94.3% during the 3rd quarter. Covestor Ltd now owns 2,741 shares of the company’s stock worth $40,000 after acquiring an additional 1,330 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of TEGNA by 925.4% during the third quarter. EverSource Wealth Advisors LLC now owns 3,630 shares of the company’s stock worth $53,000 after purchasing an additional 3,276 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of TEGNA by 34.4% during the third quarter. Parkside Financial Bank & Trust now owns 4,474 shares of the company’s stock worth $65,000 after purchasing an additional 1,145 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of TEGNA in the 3rd quarter valued at about $97,000. Finally, Signaturefd LLC boosted its position in shares of TEGNA by 437.5% in the 4th quarter. Signaturefd LLC now owns 9,686 shares of the company’s stock valued at $148,000 after purchasing an additional 7,884 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Insider Activity at TEGNA

In related news, CEO David T. Lougee sold 150,000 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $15.21, for a total value of $2,281,500.00. Following the completion of the transaction, the chief executive officer now owns 636,262 shares of the company’s stock, valued at approximately $9,677,545.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other TEGNA news, CEO David T. Lougee sold 150,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $15.21, for a total value of $2,281,500.00. Following the completion of the transaction, the chief executive officer now directly owns 636,262 shares in the company, valued at approximately $9,677,545.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David T. Lougee sold 43,750 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $14.70, for a total value of $643,125.00. Following the transaction, the chief executive officer now owns 725,651 shares in the company, valued at $10,667,069.70. The disclosure for this sale can be found here. Corporate insiders own 0.88% of the company’s stock.

TEGNA Stock Up 1.5 %

TGNA opened at $13.74 on Tuesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 2.48 and a current ratio of 2.48. The company has a market cap of $2.42 billion, a price-to-earnings ratio of 6.08 and a beta of 0.50. TEGNA Inc. has a one year low of $13.18 and a one year high of $17.37. The business’s fifty day moving average is $14.17 and its two-hundred day moving average is $14.83.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.04). TEGNA had a net margin of 16.38% and a return on equity of 12.41%. The business had revenue of $725.80 million during the quarter, compared to analyst estimates of $750.78 million. During the same quarter in the prior year, the company earned $0.98 earnings per share. The firm’s revenue for the quarter was down 20.9% compared to the same quarter last year. Analysts anticipate that TEGNA Inc. will post 3 EPS for the current fiscal year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were given a $0.114 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $0.46 annualized dividend and a dividend yield of 3.32%. TEGNA’s dividend payout ratio is currently 19.91%.

Analyst Ratings Changes

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

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.