AGF Management Ltd. Cuts Position in TEGNA Inc. (NYSE:TGNA)

AGF Management Ltd. reduced its position in shares of TEGNA Inc. (NYSE:TGNA) by 2.9% in the second quarter, Holdings Channel reports. The fund owned 161,560 shares of the company’s stock after selling 4,810 shares during the quarter. AGF Management Ltd.’s holdings in TEGNA were worth $2,252,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC raised its position in shares of 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 buying an additional 983 shares in the last quarter. CWM LLC raised its position in TEGNA by 389.0% in the 1st quarter. CWM LLC now owns 1,873 shares of the company’s stock worth $28,000 after purchasing an additional 1,490 shares during the period. Fidelis Capital Partners LLC purchased a new stake in TEGNA in the 1st quarter worth about $28,000. Headlands Technologies LLC purchased a new stake in TEGNA in the 1st quarter worth about $46,000. Finally, Blue Trust Inc. raised its position in TEGNA by 247.8% in the 2nd 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 period. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Stock Performance

TEGNA stock opened at $14.29 on Friday. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $2.36 billion, a P/E ratio of 5.00 and a beta of 0.49. The company’s 50-day moving average is $14.52 and its 200 day moving average is $14.28. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $16.56.

TEGNA (NYSE:TGNA) last issued its earnings results on Wednesday, August 7th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The business had revenue of $710.36 million for the quarter, compared to the consensus estimate of $715.40 million. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 EPS. Research analysts forecast that TEGNA Inc. will post 3.07 EPS for the current year.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a yield of 3.50%. TEGNA’s dividend payout ratio is currently 17.48%.

Insiders Place Their Bets

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 directly owns 594,401 shares in the company, valued at approximately $8,309,725.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 98,467 shares of company stock worth $1,376,563 in the last three months. Corporate insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

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

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.