Hotchkis & Wiley Capital Management LLC Sells 264,150 Shares of TEGNA Inc. (NYSE:TGNA)

Hotchkis & Wiley Capital Management LLC cut its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 31.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 587,540 shares of the company’s stock after selling 264,150 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 0.36% of TEGNA worth $9,271,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbor Capital Advisors Inc. bought a new stake in TEGNA in the 3rd quarter worth about $28,000. US Bancorp DE grew its position in TEGNA by 20.4% in the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after purchasing an additional 764 shares in the last quarter. Headlands Technologies LLC grew its position in TEGNA by 48.2% in the 2nd quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock worth $63,000 after purchasing an additional 1,470 shares in the last quarter. CWM LLC grew its position in TEGNA by 146.3% in the 2nd quarter. CWM LLC now owns 4,614 shares of the company’s stock worth $64,000 after purchasing an additional 2,741 shares in the last quarter. Finally, Blue Trust Inc. grew its position in TEGNA by 247.8% in the 2nd quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock worth $70,000 after purchasing an additional 3,350 shares in the last quarter. 92.19% of the stock is owned by institutional investors.

Insider Activity at TEGNA

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the sale, the chief operating officer now directly owns 154,617 shares in the company, valued at $2,535,718.80. This represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

TEGNA Stock Performance

Shares of TGNA stock opened at $18.84 on Thursday. The stock has a market capitalization of $3.03 billion, a P/E ratio of 6.66 and a beta of 0.52. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The firm’s 50 day moving average is $17.07 and its 200 day moving average is $15.29. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The company had revenue of $806.83 million for the quarter, compared to analysts’ expectations of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. TEGNA’s revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. On average, sell-side analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Friday, December 6th. TEGNA’s payout ratio is currently 17.67%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Benchmark increased their target price on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, November 8th. StockNews.com downgraded shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Saturday, November 23rd. Finally, JPMorgan Chase & Co. increased their target price on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th.

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.