Denali Advisors LLC Buys 57,993 Shares of TEGNA Inc. (NYSE:TGNA)

Denali Advisors LLC lifted its stake in TEGNA Inc. (NYSE:TGNA) by 14,041.9% in the second quarter, HoldingsChannel.com reports. The fund owned 58,406 shares of the company’s stock after purchasing an additional 57,993 shares during the period. Denali Advisors LLC’s holdings in TEGNA were worth $814,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of TEGNA by 5.8% in the first quarter. Vanguard Group Inc. now owns 26,798,623 shares of the company’s stock worth $400,371,000 after buying an additional 1,471,691 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after buying an additional 141,638 shares during the last quarter. LSV Asset Management boosted its holdings in shares of TEGNA by 29.5% in the second quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock worth $111,862,000 after buying an additional 1,827,471 shares during the last quarter. Norges Bank purchased a new position in shares of TEGNA in the fourth quarter worth approximately $38,009,000. Finally, Gamco Investors INC. ET AL boosted its holdings in shares of TEGNA by 18.7% in the first quarter. Gamco Investors INC. ET AL now owns 2,441,675 shares of the company’s stock worth $36,479,000 after buying an additional 384,687 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at TEGNA

In other news, CEO David T. Lougee sold 98,437 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was 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 directly owns 594,401 shares of the company’s stock, valued at approximately $8,309,725.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO David T. Lougee sold 98,437 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 594,401 shares in the company, valued at approximately $8,309,725.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.88, for a total transaction of $347,000.00. Following the sale, the chief operating officer now owns 179,617 shares in the company, valued at $2,493,083.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 123,467 shares of company stock valued at $1,723,563. 0.88% of the stock is currently owned by corporate insiders.

TEGNA Price Performance

Shares of NYSE:TGNA opened at $14.45 on Tuesday. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $16.56. The company has a market capitalization of $2.45 billion, a P/E ratio of 5.05 and a beta of 0.49. The firm’s 50 day simple moving average is $14.53 and its two-hundred day simple moving average is $14.30.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. The business had revenue of $710.36 million for the quarter, compared to the consensus estimate of $715.40 million. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. Research analysts expect that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Friday, September 6th. TEGNA’s dividend payout ratio (DPR) is presently 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.