Victory Capital Management Inc. Has $15.47 Million Position in TEGNA Inc. (NYSE:TGNA)

Victory Capital Management Inc. cut its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 8.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 980,523 shares of the company’s stock after selling 90,880 shares during the period. Victory Capital Management Inc. owned about 0.59% of TEGNA worth $15,473,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. LSV Asset Management raised its holdings in TEGNA by 29.5% during the 2nd quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock worth $111,862,000 after purchasing an additional 1,827,471 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of TEGNA by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 26,798,623 shares of the company’s stock valued at $400,371,000 after acquiring an additional 1,471,691 shares in the last quarter. Millennium Management LLC increased its stake in shares of TEGNA by 395.9% in the 2nd quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock valued at $12,974,000 after acquiring an additional 743,052 shares in the last quarter. Squarepoint Ops LLC increased its stake in shares of TEGNA by 132.9% in the 2nd quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock valued at $12,780,000 after acquiring an additional 523,120 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its stake in shares of TEGNA by 18.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 2,441,675 shares of the company’s stock valued at $36,479,000 after acquiring an additional 384,687 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Stock Performance

NYSE TGNA opened at $17.88 on Wednesday. The company has a fifty day simple moving average of $16.20 and a 200 day simple moving average of $15.01. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. 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 company has a market cap of $2.88 billion, a P/E ratio of 6.32 and a beta of 0.49.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. The firm had revenue of $806.83 million for 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%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 EPS. Sell-side analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TGNA shares. Benchmark lifted their price objective on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. 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 research note on Tuesday, November 12th.

Insiders Place Their Bets

In related news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now directly owns 154,617 shares of the company’s stock, valued at approximately $2,535,718.80. The trade was a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

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.