Retirement Systems of Alabama Buys 178,131 Shares of TEGNA Inc. (NYSE:TGNA)

Retirement Systems of Alabama lifted its stake in shares of TEGNA Inc. (NYSE:TGNAFree Report) by 40.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 617,823 shares of the company’s stock after acquiring an additional 178,131 shares during the period. Retirement Systems of Alabama owned approximately 0.31% of TEGNA worth $9,002,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in TGNA. Massmutual Trust Co. FSB ADV lifted its stake in TEGNA by 24.1% in the second quarter. Massmutual Trust Co. FSB ADV now owns 3,308 shares of the company’s stock worth $54,000 after purchasing an additional 642 shares during the last quarter. Truist Financial Corp lifted its stake in TEGNA by 3.1% in the second quarter. Truist Financial Corp now owns 25,929 shares of the company’s stock worth $421,000 after purchasing an additional 778 shares during the last quarter. Captrust Financial Advisors lifted its stake in TEGNA by 15.1% in the second quarter. Captrust Financial Advisors now owns 6,843 shares of the company’s stock worth $144,000 after purchasing an additional 897 shares during the last quarter. Aspen Grove Capital LLC lifted its stake in TEGNA by 7.7% in the second quarter. Aspen Grove Capital LLC now owns 12,918 shares of the company’s stock worth $211,000 after purchasing an additional 918 shares during the last quarter. Finally, Belpointe Asset Management LLC lifted its stake in TEGNA by 189.5% in the first quarter. Belpointe Asset Management LLC now owns 1,459 shares of the company’s stock worth $25,000 after purchasing an additional 955 shares during the last quarter. 89.99% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other TEGNA news, CEO David T. Lougee sold 100,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $15.38, for a total value of $1,538,000.00. Following the completion of the sale, the chief executive officer now directly owns 786,262 shares in the company, valued at $12,092,709.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on TGNA. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $17.00 price target on shares of TEGNA in a research note on Wednesday, December 6th. Wells Fargo & Company lowered their price objective on shares of TEGNA from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 8th. StockNews.com assumed coverage on shares of TEGNA in a research note on Thursday, October 5th. They set a “hold” rating for the company. Finally, Benchmark reaffirmed a “buy” rating and set a $22.00 price objective on shares of TEGNA in a research note on Monday, October 30th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, TEGNA presently has a consensus rating of “Hold” and an average price target of $19.50.

Read Our Latest Report on TEGNA

TEGNA Stock Performance

Shares of TGNA opened at $15.78 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 3.47 and a quick ratio of 3.47. TEGNA Inc. has a one year low of $13.65 and a one year high of $22.29. The company has a 50-day simple moving average of $15.44 and a two-hundred day simple moving average of $15.55. The firm has a market capitalization of $3.11 billion, a PE ratio of 5.58 and a beta of 0.55.

TEGNA (NYSE:TGNAGet Free Report) last issued its quarterly earnings data on Tuesday, November 7th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.34 by $0.05. TEGNA had a net margin of 19.96% and a return on equity of 16.65%. The business had revenue of $713.24 million during the quarter, compared to analyst estimates of $715.00 million. On average, analysts anticipate that TEGNA Inc. will post 1.8 EPS for the current fiscal year.

About TEGNA

(Free Report)

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.

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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