Mutual of America Capital Management LLC Sells 23,628 Shares of TEGNA Inc. (NYSE:TGNA)

Mutual of America Capital Management LLC lowered its stake in shares of TEGNA Inc. (NYSE:TGNA) by 4.6% in the second quarter, Holdings Channel.com reports. The firm owned 486,074 shares of the company’s stock after selling 23,628 shares during the period. Mutual of America Capital Management LLC’s holdings in TEGNA were worth $6,776,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in shares of TEGNA by 142.1% in the fourth quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock valued at $26,000 after purchasing 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 valued at $28,000 after buying an additional 1,490 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in TEGNA during the 1st quarter valued at $28,000. Headlands Technologies LLC purchased a new position in TEGNA during the 1st quarter worth $46,000. Finally, Blue Trust Inc. grew its stake in shares of 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 acquiring an additional 3,350 shares in the last quarter. 92.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

TEGNA Stock Performance

Shares of TGNA opened at $15.20 on Friday. The stock has a 50 day moving average of $14.58 and a 200 day moving average of $14.32. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 5.31 and a beta of 0.49. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $16.56. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.10.

TEGNA (NYSE:TGNA) last announced its earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. The firm had revenue of $710.36 million during the quarter, compared to analyst estimates of $715.40 million. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The business’s revenue was down 2.9% compared to the same quarter last year. During the same period last year, the firm posted $0.44 EPS. As a group, sell-side analysts forecast that TEGNA Inc. will post 3.07 earnings per share for the current year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.29%. The ex-dividend date is Friday, September 6th. TEGNA’s dividend payout ratio is 17.48%.

Insider Buying and Selling at TEGNA

In other news, CEO David T. Lougee sold 98,437 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the completion of the sale, the chief executive officer now owns 594,401 shares in the company, valued at approximately $8,309,725.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.88, for a total value of $347,000.00. Following the sale, the chief operating officer now directly owns 179,617 shares in the company, valued at approximately $2,493,083.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $1,376,149.26. Following the sale, the chief executive officer now directly owns 594,401 shares in the company, valued at $8,309,725.98. The disclosure for this sale can be found here. Insiders have sold a total of 123,467 shares of company stock worth $1,723,563 over the last three months. 0.88% of the stock is currently owned by insiders.

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.