Assenagon Asset Management S.A. Raises Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Assenagon Asset Management S.A. boosted its stake in TEGNA Inc. (NYSE:TGNA) by 6.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,083 shares of the company’s stock after purchasing an additional 8,678 shares during the quarter. Assenagon Asset Management S.A. owned about 0.09% of TEGNA worth $2,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of TGNA. Fidelis Capital Partners LLC purchased a new stake in shares of TEGNA during the 1st quarter valued at $28,000. Headlands Technologies LLC purchased a new stake in TEGNA during the first quarter valued at about $46,000. CWM LLC raised its position in TEGNA by 146.3% during the second quarter. CWM LLC now owns 4,614 shares of the company’s stock valued at $64,000 after purchasing an additional 2,741 shares in the last quarter. Blue Trust Inc. lifted its stake in TEGNA by 247.8% during the second quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock worth $70,000 after purchasing an additional 3,350 shares during the last quarter. Finally, Innealta Capital LLC purchased a new position in shares of TEGNA in the 2nd quarter worth about $116,000. 92.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

TEGNA Price Performance

Shares of NYSE:TGNA opened at $16.44 on Friday. The company’s fifty day moving average is $15.14 and its 200 day moving average is $14.61. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.10. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $17.08. The stock has a market cap of $2.79 billion, a PE ratio of 5.83 and a beta of 0.50.

TEGNA (NYSE:TGNA) last released its earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The company had revenue of $710.36 million during the quarter, compared to analyst estimates of $715.40 million. During the same quarter in the previous year, the company posted $0.44 EPS. TEGNA’s revenue for the quarter was down 2.9% on a year-over-year basis. Research analysts anticipate that TEGNA Inc. will post 3.07 earnings per share for the current year.

Insider Activity

In related news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $16.40, for a total transaction of $410,000.00. Following the completion of the sale, the chief operating officer now directly owns 154,617 shares in the company, valued at $2,535,718.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders sold 50,016 shares of company stock valued at $757,218. 0.88% of the stock is currently owned by company insiders.

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.