Algert Global LLC Makes New $1.91 Million Investment in TEGNA Inc. (NYSE:TGNA)

Algert Global LLC bought a new position in TEGNA Inc. (NYSE:TGNA) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 136,792 shares of the company’s stock, valued at approximately $1,907,000.

A number of other large investors have also added to or reduced their stakes in the stock. Millennium Management LLC grew its position in shares of TEGNA by 395.9% during 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 during the period. Maverick Capital Ltd. grew 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. Dark Forest Capital Management LP grew its position in shares of TEGNA by 315.1% during the 2nd quarter. Dark Forest Capital Management LP now owns 472,976 shares of the company’s stock valued at $6,593,000 after acquiring an additional 359,033 shares during the period. AXA S.A. grew its position in shares of TEGNA by 925.5% during the 2nd quarter. AXA S.A. now owns 372,066 shares of the company’s stock valued at $5,187,000 after acquiring an additional 335,784 shares during the period. Finally, Caxton Associates LP grew its position in shares of TEGNA by 46.2% during the 2nd quarter. Caxton Associates LP now owns 132,977 shares of the company’s stock valued at $1,854,000 after acquiring an additional 42,010 shares during the period. Institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

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

TEGNA Trading Down 1.1 %

Shares of TEGNA stock opened at $15.44 on Thursday. The company has a market capitalization of $2.62 billion, a P/E ratio of 5.40 and a beta of 0.49. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.58 and a current ratio of 2.58. The company has a fifty day moving average of $14.52 and a 200 day moving average of $14.35. TEGNA Inc. has a fifty-two week low of $12.35 and a fifty-two week high of $16.56.

TEGNA (NYSE:TGNA) last issued its earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. The company had revenue of $710.36 million during 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%. TEGNA’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 EPS. On average, sell-side analysts anticipate that TEGNA Inc. will post 3.07 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.24%. The ex-dividend date was Friday, September 6th. TEGNA’s dividend payout ratio is currently 17.48%.

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.