Principal Financial Group Inc. Boosts Stock Position in TEGNA Inc. (NYSE:TGNA)

Principal Financial Group Inc. lifted its position in shares of TEGNA Inc. (NYSE:TGNA) by 26.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 891,488 shares of the company’s stock after buying an additional 184,845 shares during the period. Principal Financial Group Inc.’s holdings in TEGNA were worth $14,068,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Capital Management Corp VA grew its holdings in shares of TEGNA by 30.3% during the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock valued at $11,453,000 after purchasing an additional 168,667 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of TEGNA by 56.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 374,181 shares of the company’s stock valued at $5,905,000 after buying an additional 135,502 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of TEGNA during the third quarter valued at about $28,000. US Bancorp DE increased its holdings in shares of TEGNA by 20.4% in the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after buying an additional 764 shares during the period. Finally, Integrated Advisors Network LLC bought a new stake in shares of TEGNA in the 3rd quarter valued at about $235,000. Institutional investors own 92.19% of the company’s stock.

Wall Street Analysts Forecast Growth

TGNA has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price target on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Benchmark increased their price objective on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday.

TEGNA Stock Down 2.6 %

NYSE TGNA opened at $17.64 on Friday. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62. The stock has a market capitalization of $2.84 billion, a PE ratio of 6.23 and a beta of 0.49. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The business’s 50-day moving average is $16.05 and its 200 day moving average is $14.96.

TEGNA (NYSE:TGNA) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The business had revenue of $806.83 million during the quarter, compared to analysts’ expectations of $795.72 million. During the same quarter last year, the business posted $0.39 EPS. The business’s revenue was up 13.1% on a year-over-year basis. Sell-side analysts forecast that TEGNA Inc. will post 3.08 earnings per share for the current year.

Insider Buying and Selling

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the completion of the sale, the chief operating officer now directly owns 154,617 shares in the company, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.88% of the stock is currently owned by insiders.

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.