Bailard Inc. Buys Shares of 21,700 TEGNA Inc. (NYSE:TGNA)

Bailard Inc. bought a new stake in TEGNA Inc. (NYSE:TGNA) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 21,700 shares of the company’s stock, valued at approximately $302,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wasatch Advisors LP lifted its stake in TEGNA by 2.1% during the 1st quarter. Wasatch Advisors LP now owns 37,970 shares of the company’s stock valued at $567,000 after acquiring an additional 771 shares during the period. Outfitter Financial LLC lifted its stake in TEGNA by 1.9% during the 4th quarter. Outfitter Financial LLC now owns 47,750 shares of the company’s stock valued at $731,000 after acquiring an additional 900 shares during the period. Parallel Advisors LLC lifted its stake in TEGNA by 142.1% during the 4th quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock valued at $26,000 after acquiring an additional 983 shares during the period. Manchester Financial Inc. lifted its stake in TEGNA by 0.9% during the 2nd quarter. Manchester Financial Inc. now owns 118,202 shares of the company’s stock valued at $1,648,000 after acquiring an additional 1,047 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in TEGNA by 1.0% during the 4th quarter. New York State Common Retirement Fund now owns 108,212 shares of the company’s stock valued at $1,656,000 after acquiring an additional 1,074 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $13.99, for a total value of $349,750.00. Following the completion of the sale, the chief operating officer now owns 190,474 shares of the company’s stock, valued at $2,664,731.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other TEGNA news, CEO David T. Lougee sold 98,437 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.98, for a total value of $1,376,149.26. Following the transaction, the chief executive officer now owns 594,401 shares of the company’s stock, valued at $8,309,725.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $13.99, for a total transaction of $349,750.00. Following the sale, the chief operating officer now directly owns 190,474 shares in the company, valued at approximately $2,664,731.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 123,467 shares of company stock valued at $1,726,313. 0.88% of the stock is owned by company insiders.

TEGNA Stock Performance

TGNA opened at $14.41 on Tuesday. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.53 and a quick ratio of 2.53. The firm has a fifty day moving average price of $14.42 and a 200 day moving average price of $14.33. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $16.67. The stock has a market cap of $2.44 billion, a P/E ratio of 5.04 and a beta of 0.51.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $710.36 million during the quarter, compared to analysts’ expectations of $715.40 million. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share. Equities research analysts anticipate that TEGNA Inc. will post 3.11 earnings per share for the current year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Friday, September 6th. TEGNA’s dividend payout ratio is currently 17.48%.

TEGNA Company 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.