Royce & Associates LP Has $51.90 Million Stock Position in TEGNA Inc. (NYSE:TGNA)

Royce & Associates LP cut its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 3.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,289,130 shares of the company’s stock after selling 104,427 shares during the period. Royce & Associates LP’s holdings in TEGNA were worth $51,902,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. LSV Asset Management lifted its stake in TEGNA by 29.5% in the second quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock valued at $111,862,000 after buying an additional 1,827,471 shares during the period. Vanguard Group Inc. boosted its stake in TEGNA by 5.8% during the 1st quarter. Vanguard Group Inc. now owns 26,798,623 shares of the company’s stock worth $400,371,000 after acquiring an additional 1,471,691 shares during the last quarter. Millennium Management LLC grew its holdings in TEGNA by 395.9% during the second quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock valued at $12,974,000 after purchasing an additional 743,052 shares during the period. Squarepoint Ops LLC grew its holdings in TEGNA by 132.9% during the second quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock valued at $12,780,000 after purchasing an additional 523,120 shares during the period. Finally, Gamco Investors INC. ET AL increased its stake in TEGNA by 18.7% in the first quarter. Gamco Investors INC. ET AL now owns 2,441,675 shares of the company’s stock valued at $36,479,000 after purchasing an additional 384,687 shares in the last quarter. Institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TGNA. JPMorgan Chase & Co. boosted their price target on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday. Benchmark increased their price target on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th.

Insider Buying and Selling at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of TEGNA stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total value of $410,000.00. Following the sale, the chief operating officer now owns 154,617 shares of the company’s stock, valued at approximately $2,535,718.80. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.88% of the company’s stock.

TEGNA Stock Down 3.1 %

Shares of TGNA stock opened at $18.11 on Friday. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The firm has a fifty day moving average of $15.97 and a 200-day moving average of $14.92. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 6.40 and a beta of 0.49.

TEGNA (NYSE:TGNA) last released its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. The firm had revenue of $806.83 million during the quarter, compared to analysts’ expectations of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The company’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. As a group, equities research analysts predict that TEGNA Inc. will post 3.08 earnings per share for the current fiscal year.

TEGNA Profile

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.