Pinnacle Associates Ltd. Purchases 1,158 Shares of TEGNA Inc. (NYSE:TGNA)

Pinnacle Associates Ltd. increased its position in TEGNA Inc. (NYSE:TGNA) by 0.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 576,472 shares of the company’s stock after buying an additional 1,158 shares during the quarter. Pinnacle Associates Ltd.’s holdings in TEGNA were worth $8,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Integrated Advisors Network LLC bought a new stake in TEGNA in the third quarter valued at approximately $235,000. Nisa Investment Advisors LLC lifted its position in TEGNA by 33.3% in the third quarter. Nisa Investment Advisors LLC now owns 70,270 shares of the company’s stock valued at $1,118,000 after purchasing an additional 17,547 shares during the last quarter. State of Alaska Department of Revenue lifted its position in TEGNA by 411.8% in the third quarter. State of Alaska Department of Revenue now owns 94,404 shares of the company’s stock valued at $1,489,000 after purchasing an additional 75,959 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in TEGNA by 4.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 451,928 shares of the company’s stock valued at $7,060,000 after purchasing an additional 17,692 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in TEGNA by 66.7% in the third quarter. Louisiana State Employees Retirement System now owns 80,000 shares of the company’s stock valued at $1,262,000 after purchasing an additional 32,000 shares during the last quarter. Institutional investors own 92.19% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity

In related news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction on Friday, October 25th. The stock was 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 of the company’s stock, valued at $2,535,718.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 50,016 shares of company stock valued at $757,218. Company insiders own 0.88% of the company’s stock.

TEGNA Price Performance

TGNA opened at $16.68 on Thursday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.58 and a current ratio of 2.58. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $17.08. The stock has a market capitalization of $2.83 billion, a PE ratio of 5.83 and a beta of 0.50. The stock’s 50 day moving average price is $15.08 and its 200-day moving average price is $14.60.

TEGNA (NYSE:TGNA) last posted its 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. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The firm had revenue of $710.36 million for the quarter, compared to analysts’ expectations of $715.40 million. During the same period in the previous year, the firm earned $0.44 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts predict that TEGNA Inc. will post 3.07 EPS for the current year.

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.