Clifton A. Mcclelland III Sells 7,740 Shares of Tegna Inc (TGNA) Stock
Tegna Inc (NYSE:TGNA) SVP Clifton A. Mcclelland III sold 7,740 shares of the stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the completion of the transaction, the senior vice president now owns 32,335 shares of the company’s stock, valued at $442,666.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Tegna Inc (TGNA) traded down $0.12 during mid-day trading on Friday, reaching $13.63. 2,625,057 shares of the company traded hands, compared to its average volume of 3,515,107. Tegna Inc has a fifty-two week low of $11.59 and a fifty-two week high of $17.08. The firm has a market capitalization of $2,931.10, a price-to-earnings ratio of 8.57, a PEG ratio of 10.35 and a beta of 1.72. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 4.30.
Tegna (NYSE:TGNA) last released its earnings results on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. Tegna had a net margin of 11.10% and a return on equity of 20.50%. The business had revenue of $464.26 million during the quarter, compared to analyst estimates of $463.23 million. During the same period in the prior year, the business earned $0.65 earnings per share. The business’s quarterly revenue was down 10.7% on a year-over-year basis. equities analysts forecast that Tegna Inc will post 1.07 earnings per share for the current year.
Tegna announced that its Board of Directors has approved a stock buyback plan on Tuesday, September 19th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to reacquire up to 11.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
TGNA has been the subject of several recent analyst reports. ValuEngine cut shares of Tegna from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research lowered shares of Tegna from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. FBR & Co reissued a “hold” rating and set a $15.00 target price on shares of Tegna in a research note on Wednesday, November 1st. BidaskClub raised shares of Tegna from a “sell” rating to a “hold” rating in a research note on Thursday, September 28th. Finally, Royal Bank Of Canada assumed coverage on shares of Tegna in a research note on Tuesday, September 26th. They set a “sector perform” rating and a $14.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Tegna presently has an average rating of “Hold” and an average price target of $17.88.
Several large investors have recently modified their holdings of the stock. AXA lifted its position in shares of Tegna by 126.0% in the 3rd quarter. AXA now owns 830,352 shares of the company’s stock valued at $11,069,000 after acquiring an additional 462,916 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Tegna by 21.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,655,124 shares of the company’s stock valued at $22,063,000 after acquiring an additional 294,609 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Tegna by 8.2% in the 3rd quarter. California Public Employees Retirement System now owns 689,346 shares of the company’s stock valued at $9,189,000 after acquiring an additional 52,046 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Tegna in the 3rd quarter valued at approximately $110,000. Finally, Beacon Investment Advisory Services Inc. purchased a new stake in shares of Tegna in the 3rd quarter valued at approximately $162,000. Institutional investors and hedge funds own 99.89% of the company’s stock.
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.
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