City Center Advisors LLC Sells 4,244 Shares of TEGNA Inc. (NYSE:TGNA)

City Center Advisors LLC cut its stake in TEGNA Inc. (NYSE:TGNA) by 18.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 18,228 shares of the company’s stock after selling 4,244 shares during the quarter. City Center Advisors LLC’s holdings in TEGNA were worth $333,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Harbor Capital Advisors Inc. purchased a new position in TEGNA during the 3rd quarter valued at about $28,000. GAMMA Investing LLC boosted its position in shares of TEGNA by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after acquiring an additional 757 shares during the period. Headlands Technologies LLC grew its stake in TEGNA by 48.2% during the second quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock valued at $63,000 after acquiring an additional 1,470 shares in the last quarter. Quarry LP increased its holdings in TEGNA by 455.2% during the 3rd quarter. Quarry LP now owns 4,025 shares of the company’s stock worth $64,000 after acquiring an additional 3,300 shares during the period. Finally, US Bancorp DE lifted its stake 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. 92.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on TGNA shares. Benchmark upped their price target on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. lifted their price target on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Finally, Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $21.00 to $23.00 in a report on Thursday, December 19th.

Insiders Place Their Bets

In related news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.88% of the company’s stock.

TEGNA Stock Performance

NYSE TGNA opened at $17.86 on Monday. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The company has a fifty day moving average of $18.37 and a 200-day moving average of $16.14. The company has a market capitalization of $2.88 billion, a P/E ratio of 6.31 and a beta of 0.52. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.11. The firm had revenue of $806.83 million during the quarter, compared to analyst estimates of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The company’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 earnings per share. As a group, equities research analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Friday, December 6th. TEGNA’s payout ratio is currently 17.67%.

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.