Wolverine Trading LLC reduced its position in Tegna Inc (NYSE:TGNA) by 30.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,993 shares of the company’s stock after selling 8,607 shares during the quarter. Wolverine Trading LLC’s holdings in Tegna were worth $267,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Diamond Hill Capital Management Inc. grew its stake in Tegna by 0.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 11,177,342 shares of the company’s stock valued at $148,994,000 after purchasing an additional 57,105 shares during the last quarter. Empirical Finance LLC grew its stake in Tegna by 75.0% in the third quarter. Empirical Finance LLC now owns 123,668 shares of the company’s stock valued at $1,649,000 after purchasing an additional 52,993 shares during the last quarter. Rhumbline Advisers grew its stake in Tegna by 4.4% in the second quarter. Rhumbline Advisers now owns 372,900 shares of the company’s stock valued at $5,373,000 after purchasing an additional 15,555 shares during the last quarter. Clinton Group Inc. grew its stake in Tegna by 711.1% in the second quarter. Clinton Group Inc. now owns 302,168 shares of the company’s stock valued at $4,354,000 after purchasing an additional 264,914 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Tegna by 22.7% in the second quarter. Bank of New York Mellon Corp now owns 2,957,427 shares of the company’s stock valued at $42,616,000 after purchasing an additional 546,885 shares during the last quarter. Hedge funds and other institutional investors own 99.89% of the company’s stock.

In related news, EVP Todd A. Mayman sold 36,830 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $12.63, for a total value of $465,162.90. Following the sale, the executive vice president now owns 19,420 shares in the company, valued at $245,274.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Clifton A. Mcclelland III sold 7,740 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total value of $105,960.60. Following the completion of the sale, the senior vice president now owns 32,335 shares in the company, valued at approximately $442,666.15. The disclosure for this sale can be found here. 0.81% of the stock is owned by corporate insiders.

A number of equities research analysts have recently weighed in on the company. FBR & Co restated a “hold” rating and set a $15.00 price target on shares of Tegna in a research note on Wednesday, September 20th. BidaskClub lowered Tegna from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 7th. ValuEngine upgraded Tegna from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Zacks Investment Research upgraded Tegna from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 13th. Finally, Noble Financial restated a “buy” rating on shares of Tegna in a research note on Tuesday, November 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Tegna presently has a consensus rating of “Hold” and an average target price of $17.88.

Shares of Tegna Inc (TGNA) traded up $0.04 during mid-day trading on Tuesday, hitting $13.67. The stock had a trading volume of 4,112,400 shares, compared to its average volume of 3,517,616. Tegna Inc has a 1-year low of $11.59 and a 1-year high of $17.08. The stock has a market capitalization of $2,933.25, a price-to-earnings ratio of 8.57, a price-to-earnings-growth ratio of 10.36 and a beta of 1.72. The company has a debt-to-equity ratio of 4.30, a current ratio of 1.37 and a quick ratio of 1.37.

Tegna (NYSE:TGNA) last issued its earnings results on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. The firm had revenue of $464.26 million for the quarter, compared to analyst estimates of $463.23 million. Tegna had a return on equity of 20.50% and a net margin of 11.10%. Tegna’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 earnings per share. equities analysts expect that Tegna Inc will post 1.07 earnings per share for the current year.

Tegna declared that its Board of Directors has initiated a share buyback plan on Tuesday, September 19th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to purchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be given a $0.07 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.28 dividend on an annualized basis and a yield of 2.05%. Tegna’s dividend payout ratio is currently 20.90%.

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Tegna Profile

Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.

Institutional Ownership by Quarter for Tegna (NYSE:TGNA)

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