Empowered Funds LLC Has $10.45 Million Stock Position in TEGNA Inc. (NYSE:TGNA)

Empowered Funds LLC raised its position in TEGNA Inc. (NYSE:TGNA) by 757.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 662,417 shares of the company’s stock after buying an additional 585,156 shares during the quarter. Empowered Funds LLC owned 0.40% of TEGNA worth $10,453,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Headlands Technologies LLC acquired a new stake in shares of TEGNA during the 1st quarter worth approximately $46,000. Russell Investments Group Ltd. lifted its position in shares of TEGNA by 52.6% during the 1st quarter. Russell Investments Group Ltd. now owns 43,031 shares of the company’s stock worth $643,000 after buying an additional 14,838 shares during the last quarter. ProShare Advisors LLC boosted its stake in TEGNA by 3.0% in the first quarter. ProShare Advisors LLC now owns 45,113 shares of the company’s stock valued at $674,000 after buying an additional 1,306 shares in the last quarter. Entropy Technologies LP bought a new position in TEGNA in the first quarter valued at about $385,000. Finally, State Board of Administration of Florida Retirement System raised its stake in TEGNA by 13.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 165,652 shares of the company’s stock worth $2,475,000 after acquiring an additional 19,974 shares in the last quarter. 92.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TGNA has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday. StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Benchmark lifted their price objective on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, November 8th.

Insider Buying and Selling

In related news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the sale, the chief operating officer now directly owns 154,617 shares in the company, valued at approximately $2,535,718.80. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by insiders.

TEGNA Stock Performance

Shares of TEGNA stock opened at $17.64 on Friday. The company has a market cap of $2.84 billion, a PE ratio of 6.23 and a beta of 0.49. 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. The business has a 50 day moving average price of $16.05 and a 200-day moving average price of $14.95.

TEGNA (NYSE:TGNA) last issued 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. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business had revenue of $806.83 million during the quarter, compared to the consensus estimate of $795.72 million. During the same period in the prior year, the firm posted $0.39 EPS. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. Equities analysts anticipate that TEGNA Inc. will post 3.08 earnings per share for the current fiscal year.

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.