Innealta Capital LLC Takes Position in TEGNA Inc. (NYSE:TGNA)

Innealta Capital LLC purchased a new stake in TEGNA Inc. (NYSE:TGNA) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,325 shares of the company’s stock, valued at approximately $116,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in shares of TEGNA by 142.1% in the fourth quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock valued at $26,000 after purchasing an additional 983 shares in the last quarter. CWM LLC raised its position in TEGNA by 389.0% during the first quarter. CWM LLC now owns 1,873 shares of the company’s stock valued at $28,000 after buying an additional 1,490 shares during the period. Fidelis Capital Partners LLC purchased a new stake in TEGNA in the 1st quarter worth about $28,000. Headlands Technologies LLC acquired a new stake in TEGNA during the 1st quarter worth about $46,000. Finally, Blue Trust Inc. grew its stake in TEGNA by 247.8% during the 2nd quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock valued at $70,000 after acquiring an additional 3,350 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity at TEGNA

In other TEGNA news, CEO David T. Lougee sold 98,437 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $13.98, for a total value of $1,376,149.26. Following the completion of the sale, the chief executive officer now owns 594,401 shares of the company’s stock, valued at $8,309,725.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO David T. Lougee sold 98,437 shares of TEGNA stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.98, for a total value of $1,376,149.26. Following the transaction, the chief executive officer now owns 594,401 shares of the company’s stock, valued at $8,309,725.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $13.99, for a total transaction of $349,750.00. Following the completion of the sale, the chief operating officer now owns 190,474 shares of the company’s stock, valued at $2,664,731.26. The disclosure for this sale can be found here. In the last 90 days, insiders sold 123,467 shares of company stock valued at $1,726,313. Insiders own 0.88% of the company’s stock.

TEGNA Stock Up 0.9 %

Shares of NYSE:TGNA traded up $0.12 during midday trading on Friday, hitting $13.88. 3,981,864 shares of the stock were exchanged, compared to its average volume of 2,110,632. The business’s fifty day simple moving average is $14.48 and its two-hundred day simple moving average is $14.32. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.53 and a current ratio of 2.53. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $16.67. The company has a market capitalization of $2.35 billion, a PE ratio of 4.81 and a beta of 0.51.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. The business had revenue of $710.36 million during the quarter, compared to analyst estimates of $715.40 million. TEGNA had a return on equity of 11.86% and a net margin of 19.48%. The firm’s revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 EPS. As a group, research analysts predict that TEGNA Inc. will post 3.11 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.60%. TEGNA’s dividend payout ratio is currently 17.48%.

TEGNA Company 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.