TEGNA Inc. (NYSE:TGNA) Short Interest Update

TEGNA Inc. (NYSE:TGNA) was the recipient of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 10,770,000 shares, an increase of 16.8% from the August 31st total of 9,220,000 shares. Approximately 6.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,670,000 shares, the days-to-cover ratio is currently 4.0 days.

Insiders Place Their Bets

In related news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.88, for a total transaction of $347,000.00. Following the sale, the chief operating officer now owns 179,617 shares in the company, valued at approximately $2,493,083.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On TEGNA

A number of hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in TEGNA during the second quarter worth approximately $227,000. Kestra Investment Management LLC bought a new position in shares of TEGNA during the 2nd quarter worth approximately $239,000. Algert Global LLC acquired a new stake in shares of TEGNA during the 2nd quarter worth approximately $1,907,000. Millennium Management LLC increased its stake in shares of TEGNA by 395.9% in the 2nd quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock valued at $12,974,000 after acquiring an additional 743,052 shares in the last quarter. Finally, Maverick Capital Ltd. lifted its position in shares of TEGNA by 40.9% during the 2nd quarter. Maverick Capital Ltd. now owns 65,872 shares of the company’s stock valued at $918,000 after acquiring an additional 19,126 shares during the period. Institutional investors own 92.19% of the company’s stock.

Analyst Upgrades and Downgrades

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

TEGNA Trading Down 1.1 %

Shares of NYSE:TGNA traded down $0.17 during mid-day trading on Monday, reaching $15.57. 74,796 shares of the company’s stock were exchanged, compared to its average volume of 2,329,197. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 5.50 and a beta of 0.49. TEGNA has a twelve month low of $12.35 and a twelve month high of $16.56. The business’s fifty day moving average price is $14.52 and its 200-day moving average price is $14.34. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.58 and a current ratio of 2.58.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $710.36 million for 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.44 EPS. On average, research analysts predict that TEGNA will post 3.07 EPS for the current fiscal year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, September 6th. TEGNA’s dividend payout ratio is currently 17.48%.

About TEGNA

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.