Mercer Global Advisors Inc. ADV Decreases Position in TEGNA Inc. (NYSE:TGNA)

Mercer Global Advisors Inc. ADV decreased its position in TEGNA Inc. (NYSE:TGNA) by 7.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,089 shares of the company’s stock after selling 1,736 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in TEGNA were worth $294,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Denali Advisors LLC lifted its position in shares of TEGNA by 14,041.9% during the 2nd quarter. Denali Advisors LLC now owns 58,406 shares of the company’s stock valued at $814,000 after buying an additional 57,993 shares during the last quarter. Edgestream Partners L.P. boosted its position in TEGNA by 15.5% during the second quarter. Edgestream Partners L.P. now owns 262,391 shares of the company’s stock worth $3,658,000 after purchasing an additional 35,162 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after purchasing an additional 141,638 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of TEGNA by 513.1% in the second quarter. Envestnet Asset Management Inc. now owns 181,214 shares of the company’s stock valued at $2,526,000 after purchasing an additional 151,656 shares during the period. Finally, Cornercap Investment Counsel Inc. purchased a new stake in shares of TEGNA during the 2nd quarter valued at approximately $578,000. 92.19% of the stock is owned by institutional investors.

Insider Buying and Selling at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the sale, the chief operating officer now directly owns 179,617 shares of the company’s stock, valued at $2,493,083.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of TEGNA in a research note on Thursday, August 8th.

TEGNA Trading Up 1.9 %

Shares of TGNA opened at $15.74 on Monday. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $16.56. The stock has a market cap of $2.67 billion, a PE ratio of 5.50 and a beta of 0.49. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.10. The business’s 50-day moving average price is $14.52 and its 200-day moving average price is $14.34.

TEGNA (NYSE:TGNA) last posted its earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. The business had revenue of $710.36 million for the quarter, compared to analysts’ expectations of $715.40 million. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 EPS. On average, equities analysts forecast that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be paid a $0.125 dividend. The ex-dividend date is Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a yield of 3.18%. TEGNA’s dividend payout ratio is currently 17.48%.

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.