Cornercap Investment Counsel Inc. Trims Stock Position in TEGNA Inc. (NYSE:TGNA)

Cornercap Investment Counsel Inc. cut its stake in shares of TEGNA Inc. (NYSE:TGNA) by 12.8% during the third quarter, HoldingsChannel.com reports. The fund owned 36,169 shares of the company’s stock after selling 5,315 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in TEGNA were worth $571,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. CIBC Asset Management Inc purchased a new position in shares of TEGNA during the third quarter worth approximately $260,000. State of New Jersey Common Pension Fund D increased its position in shares of TEGNA by 5.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 137,653 shares of the company’s stock worth $2,172,000 after acquiring an additional 7,137 shares during the period. Meritage Portfolio Management increased its position in shares of TEGNA by 11.5% during the third quarter. Meritage Portfolio Management now owns 23,303 shares of the company’s stock worth $368,000 after acquiring an additional 2,397 shares during the period. Covestor Ltd increased its position in shares of TEGNA by 20.8% during the third quarter. Covestor Ltd now owns 8,852 shares of the company’s stock worth $140,000 after acquiring an additional 1,525 shares during the period. Finally, Assetmark Inc. increased its position in shares of TEGNA by 8.2% during the third quarter. Assetmark Inc. now owns 212,715 shares of the company’s stock worth $3,357,000 after acquiring an additional 16,190 shares during the period. 92.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on TGNA. StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a research report on Friday. Benchmark lifted their price objective on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday.

Insider Buying and Selling at TEGNA

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the completion of the sale, the chief operating officer now directly owns 179,617 shares in the company, valued at $2,493,083.96. This trade represents a 12.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is owned by insiders.

TEGNA Stock Performance

Shares of TGNA stock opened at $17.64 on Friday. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 6.23 and a beta of 0.49. The company’s 50 day moving average is $16.05 and its 200 day moving average is $14.95. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62.

TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.11. The company had revenue of $806.83 million during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.39 earnings per share. On average, sell-side analysts anticipate that TEGNA Inc. will post 3.08 EPS for the current fiscal year.

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.