Magnetar Financial LLC Cuts Stake in TEGNA Inc. (NYSE:TGNA)

Magnetar Financial LLC trimmed its holdings in TEGNA Inc. (NYSE:TGNA) by 85.6% during the first quarter, Holdings Channel.com reports. The fund owned 10,923 shares of the company’s stock after selling 64,849 shares during the period. Magnetar Financial LLC’s holdings in TEGNA were worth $163,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TGNA. AlphaMark Advisors LLC boosted its stake in shares of TEGNA by 10.7% during the 4th quarter. AlphaMark Advisors LLC now owns 17,455 shares of the company’s stock worth $267,000 after purchasing an additional 1,691 shares during the last quarter. Stratos Wealth Advisors LLC lifted its holdings in shares of TEGNA by 2.0% during the 4th quarter. Stratos Wealth Advisors LLC now owns 77,811 shares of the company’s stock worth $1,191,000 after acquiring an additional 1,517 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of TEGNA by 30.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 75,314 shares of the company’s stock worth $1,152,000 after acquiring an additional 17,515 shares during the period. Louisiana State Employees Retirement System purchased a new position in shares of TEGNA during the 4th quarter worth about $846,000. Finally, Signaturefd LLC lifted its holdings in shares of TEGNA by 437.5% during the 4th quarter. Signaturefd LLC now owns 9,686 shares of the company’s stock worth $148,000 after acquiring an additional 7,884 shares during the period. 92.19% of the stock is owned by institutional investors and hedge funds.

TEGNA Trading Down 0.6 %

Shares of TGNA stock traded down $0.10 during trading hours on Monday, hitting $16.14. 97,391 shares of the company were exchanged, compared to its average volume of 2,131,719. The firm has a market cap of $2.74 billion, a PE ratio of 5.68 and a beta of 0.51. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $17.37. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 1.10. The firm has a fifty day moving average of $14.34 and a 200 day moving average of $14.50.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The firm had revenue of $714.30 million for the quarter, compared to analyst estimates of $718.86 million. During the same quarter last year, the firm posted $0.47 earnings per share. TEGNA’s revenue for the quarter was down 3.5% compared to the same quarter last year. Analysts expect that TEGNA Inc. will post 3.11 earnings per share for the current year.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.50 annualized dividend and a yield of 3.10%. TEGNA’s payout ratio is 17.48%.

Insider Activity

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 transaction of $1,376,149.26. Following the sale, the chief executive officer now owns 594,401 shares in the company, valued at $8,309,725.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $1,376,149.26. Following the sale, the chief executive officer now owns 594,401 shares in the company, valued at $8,309,725.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 190,474 shares of the company’s stock, valued at approximately $2,664,731.26. The disclosure for this sale can be found here. Insiders have sold 210,343 shares of company stock worth $3,072,994 over the last 90 days. Company insiders own 0.88% of the company’s stock.

About TEGNA

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.