Athena Global Investors Lowers stake in Tegna Inc (TGNA)

Tegna Inc (TGNA) : Athena Global Investors reduced its stake in Tegna Inc by 38.52% during the most recent quarter end. The investment management company now holds a total of 40,335 shares of Tegna Inc which is valued at $853,085 after selling 25,270 shares in Tegna Inc , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.Tegna Inc makes up approximately 1.27% of Athena Global Investors’s portfolio.

Other Hedge Funds, Including , Mutual Of America Capital Management reduced its stake in TGNA by selling 15 shares or 0.06% in the most recent quarter. The Hedge Fund company now holds 25,310 shares of TGNA which is valued at $534,547. Tegna Inc makes up approx 0.01% of Mutual Of America Capital Management’s portfolio.Tocqueville Asset Management boosted its stake in TGNA in the latest quarter, The investment management firm added 542,800 additional shares and now holds a total of 590,800 shares of Tegna Inc which is valued at $12,938,520. Tegna Inc makes up approx 0.16% of Tocqueville Asset Management’s portfolio. Morgan Dempsey Capital Management added TGNA to its portfolio by purchasing 86 company shares during the most recent quarter which is valued at $1,883.Capstone Asset Management Co reduced its stake in TGNA by selling 688 shares or 3.47% in the most recent quarter. The Hedge Fund company now holds 19,123 shares of TGNA which is valued at $461,820. Tegna Inc makes up approx 0.01% of Capstone Asset Management Co’s portfolio.

Tegna Inc opened for trading at $21.07 and hit $21.45 on the upside on Monday, eventually ending the session at $21.37, with a gain of 2.00% or 0.42 points. The heightened volatility saw the trading volume jump to 13,66,422 shares. Company has a market cap of $4,580 M.

On the company’s financial health, Tegna Inc reported $0.50 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $0.48. The company had revenue of $811.79 million for the quarter, compared to analysts expectations of $814.74 million. The company’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS.

Investors should note that on Jul 28, 2016, Tegna Inc announced a cash dividend of $0.1400. The company’s management has announced Sep 7, 2016 as the ex-dividend date and fixed the record date on Sep 9, 2016. The payable date has been fixed on Oct 3, 2016.

Many Wall Street Analysts have commented on Tegna Inc. Shares were Reiterated by FBR Capital on Jul 27, 2016 to “Mkt Perform” and Lowered the Price Target to $ 24 from a previous price target of $25 .

TEGNA Inc. formerly Gannett Co. Inc. is a media and marketing solutions company. The Company is engaged in providing local content on a range of platforms in the United States. The Company operates through Broadcasting and Digital segments. It also provides digital marketing services and Internet-based human resource solutions. Its digital media products and services include search social media and Website development among others. The Company offers its services in a range of geographies demographics and content areas. The Company provides consumers with the information and entertainment and connects consumers to their communities through various platforms such as television stations desktop smartphone and tablet products. Its Broadcasting segment includes an independent station group of network affiliates. The Company’s Digital business segment includes CareerBuilder and Shoplocal.

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