TEGNA Inc. (NYSE:TGNA) Shares Sold by Raymond James & Associates

Raymond James & Associates lessened its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 71.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,110 shares of the company's stock after selling 111,588 shares during the period. Raymond James & Associates' holdings in TEGNA were worth $690,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Muhlenkamp & Co. Inc. grew its position in shares of TEGNA by 106.0% during the 3rd quarter. Muhlenkamp & Co. Inc. now owns 431,541 shares of the company's stock valued at $6,288,000 after acquiring an additional 222,103 shares during the period. LSV Asset Management grew its holdings in TEGNA by 10.0% during the third quarter. LSV Asset Management now owns 4,668,419 shares of the company's stock valued at $68,019,000 after purchasing an additional 424,579 shares during the period. Dark Forest Capital Management LP purchased a new stake in TEGNA in the third quarter worth $540,000. Vanguard Group Inc. raised its stake in shares of TEGNA by 2.1% in the third quarter. Vanguard Group Inc. now owns 24,582,211 shares of the company's stock valued at $358,163,000 after buying an additional 499,171 shares during the period. Finally, Gabelli Funds LLC lifted its position in shares of TEGNA by 3.4% during the 3rd quarter. Gabelli Funds LLC now owns 1,875,027 shares of the company's stock valued at $27,319,000 after buying an additional 62,173 shares during the last quarter. 92.19% of the stock is owned by institutional investors.

TEGNA Price Performance

TGNA traded down $0.16 during trading on Thursday, reaching $13.65. 1,244,775 shares of the company were exchanged, compared to its average volume of 2,146,291. TEGNA Inc. has a 12-month low of $13.18 and a 12-month high of $17.37. The company's 50-day moving average is $14.23 and its two-hundred day moving average is $14.84. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 1.14. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 6.04 and a beta of 0.50.

TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.04). The firm had revenue of $725.80 million during the quarter, compared to analysts' expectations of $750.78 million. TEGNA had a return on equity of 12.41% and a net margin of 16.38%. The company's quarterly revenue was down 20.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 earnings per share. Research analysts forecast that TEGNA Inc. will post 3 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 8th were issued a $0.114 dividend. This represents a $0.46 annualized dividend and a yield of 3.34%. The ex-dividend date was Thursday, March 7th. TEGNA's payout ratio is 20.35%.

Wall Street Analysts Forecast Growth

TGNA has been the subject of several recent research reports. Wells Fargo & Company decreased their price objective on TEGNA from $17.00 to $15.00 and set an "equal weight" rating for the company in a report on Friday, February 9th. Benchmark reduced their target price on shares of TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Friday, March 1st. Finally, JPMorgan Chase & Co. dropped their price target on shares of TEGNA from $17.00 to $15.00 and set a "neutral" rating on the stock in a research note on Friday, March 1st.

Insider Activity

In related news, CEO David T. Lougee sold 43,750 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $14.70, for a total value of $643,125.00. Following the sale, the chief executive officer now owns 725,651 shares in the company, valued at $10,667,069.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO David T. Lougee sold 150,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $15.21, for a total value of $2,281,500.00. Following the transaction, the chief executive officer now owns 636,262 shares of the company's stock, valued at approximately $9,677,545.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David T. Lougee sold 43,750 shares of the company's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $14.70, for a total transaction of $643,125.00. Following the completion of the transaction, the chief executive officer now owns 725,651 shares of the company's stock, valued at $10,667,069.70. The disclosure for this sale can be found here. Company insiders own 0.88% of the company's stock.

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.