TEGNA (NYSE:TGNA) Shares Down 7% After Insider Selling

TEGNA Inc. (NYSE:TGNAGet Free Report)’s share price dropped 7% during trading on Wednesday following insider selling activity. The stock traded as low as $14.21 and last traded at $14.32. Approximately 3,093,360 shares changed hands during mid-day trading, an increase of 77% from the average daily volume of 1,745,012 shares. The stock had previously closed at $15.39.

Specifically, CEO David T. Lougee sold 150,000 shares of the 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 transaction, the chief executive officer now directly owns 636,262 shares of the company’s stock, valued at approximately $9,677,545.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO David T. Lougee sold 150,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $15.21, for a total transaction 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 $9,677,545.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David T. Lougee sold 100,000 shares of TEGNA stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $15.38, for a total transaction of $1,538,000.00. Following the transaction, the chief executive officer now directly owns 786,262 shares of the company’s stock, valued at approximately $12,092,709.56. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on TGNA shares. Wells Fargo & Company reduced their price target on shares of TEGNA from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, November 8th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $17.00 price objective on shares of TEGNA in a report on Wednesday, December 6th. Finally, Benchmark reiterated a “buy” rating and set a $22.00 price objective on shares of TEGNA in a report on Monday, October 30th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.50.

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TEGNA Trading Down 7.2 %

The firm has a market capitalization of $2.81 billion, a PE ratio of 5.05 and a beta of 0.54. The firm’s fifty day moving average is $15.39 and its two-hundred day moving average is $15.49. 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 (NYSE:TGNAGet Free Report) last announced 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. The business had revenue of $713.24 million for the quarter, compared to analyst estimates of $715.00 million. TEGNA had a net margin of 19.96% and a return on equity of 16.65%. On average, equities analysts predict that TEGNA Inc. will post 1.8 EPS for the current fiscal year.

Institutional Trading of TEGNA

Several hedge funds have recently added to or reduced their stakes in TGNA. US Bancorp DE grew its stake in TEGNA by 81.5% during the first quarter. US Bancorp DE now owns 5,749 shares of the company’s stock valued at $129,000 after acquiring an additional 2,581 shares in the last quarter. Bank of Montreal Can raised its stake in TEGNA by 16.8% during the 1st quarter. Bank of Montreal Can now owns 40,458 shares of the company’s stock worth $912,000 after acquiring an additional 5,830 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in TEGNA by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 81,097 shares of the company’s stock worth $1,817,000 after buying an additional 7,732 shares during the period. Great West Life Assurance Co. Can lifted its position in shares of TEGNA by 11.1% during the first quarter. Great West Life Assurance Co. Can now owns 132,537 shares of the company’s stock valued at $3,057,000 after buying an additional 13,275 shares during the last quarter. Finally, Yousif Capital Management LLC increased its holdings in TEGNA by 5.7% in the 1st quarter. Yousif Capital Management LLC now owns 122,229 shares of the company’s stock worth $2,738,000 after buying an additional 6,586 shares during the period. Institutional investors own 89.99% of the company’s stock.

TEGNA Company Profile

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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.

Further Reading

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