WBI Investments Inc. lowered its stake in Tegna Inc (NYSE:TGNA) by 48.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 336,331 shares of the company’s stock after selling 320,344 shares during the period. WBI Investments Inc. owned approximately 0.16% of Tegna worth $8,617,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the company. DnB Asset Management AS increased its stake in Tegna by 27.5% in the first quarter. DnB Asset Management AS now owns 15,779 shares of the company’s stock valued at $404,000 after buying an additional 3,400 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Tegna by 11.2% in the first quarter. BNP Paribas Arbitrage SA now owns 179,586 shares of the company’s stock valued at $4,601,000 after buying an additional 18,019 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Tegna during the fourth quarter valued at $2,389,000. Fox Run Management L.L.C. bought a new stake in Tegna during the first quarter valued at $364,000. Finally, Victory Capital Management Inc. increased its stake in Tegna by 47.9% in the third quarter. Victory Capital Management Inc. now owns 5,939,808 shares of the company’s stock valued at $129,844,000 after buying an additional 1,923,809 shares during the last quarter. Institutional investors and hedge funds own 85.01% of the company’s stock.
Tegna (NYSE:TGNA) last released its quarterly earnings data on Tuesday, May 9th. The company reported $0.33 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.33. Tegna had a return on equity of 19.14% and a net margin of 14.33%. The business had revenue of $778.50 million for the quarter, compared to analysts’ expectations of $799.54 million. During the same quarter in the previous year, the business posted $0.45 EPS. Tegna’s revenue for the quarter was down .4% on a year-over-year basis.
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Several research firms recently weighed in on TGNA. FBR & Co reaffirmed an “outperform” rating and issued a $30.00 price objective (up previously from $28.00) on shares of Tegna in a report on Tuesday, February 28th. TheStreet raised shares of Tegna from a “c” rating to a “b” rating in a report on Thursday, March 30th. Benchmark Co. upped their price target on shares of Tegna from $25.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, February 28th. Barrington Research reissued an “outperform” rating and issued a $36.00 price target (up from $28.00) on shares of Tegna in a report on Tuesday, March 7th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $26.00 price target on shares of Tegna in a report on Tuesday, February 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $27.67.
In other news, SVP William A. Behan sold 24,644 shares of Tegna stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $25.87, for a total transaction of $637,540.28. Following the transaction, the senior vice president now owns 8,005 shares in the company, valued at approximately $207,089.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John A. Williams sold 3,340 shares of Tegna stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $25.83, for a total value of $86,272.20. Following the transaction, the insider now owns 95,423 shares in the company, valued at approximately $2,464,776.09. The disclosure for this sale can be found here. Insiders have sold a total of 44,421 shares of company stock worth $1,148,472 in the last quarter. 0.68% of the stock is currently owned by company insiders.
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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