Pinnacle Associates Ltd Lowers stake in Tegna Inc (TGNA)

Tegna Inc (TGNA) : Pinnacle Associates Ltd reduced its stake in Tegna Inc by 0.95% during the most recent quarter end. The investment management company now holds a total of 3,201,979 shares of Tegna Inc which is valued at $67,081,460 after selling 30,550 shares in Tegna Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Tegna Inc makes up approximately 1.36% of Pinnacle Associates Ltd’s portfolio.

Other Hedge Funds, Including , Janney Montgomery Scott boosted its stake in TGNA in the latest quarter, The investment management firm added 9,571 additional shares and now holds a total of 108,456 shares of Tegna Inc which is valued at $2,329,635. Tegna Inc makes up approx 0.04% of Janney Montgomery Scott’s portfolio.Hl Financial Services reduced its stake in TGNA by selling 577 shares or 3.15% in the most recent quarter. The Hedge Fund company now holds 17,734 shares of TGNA which is valued at $401,675. Tegna Inc makes up approx 0.01% of Hl Financial Services’s portfolio. Financial Architects Inc added TGNA to its portfolio by purchasing 816 company shares during the most recent quarter which is valued at $18,482. Tegna Inc makes up approx 0.01% of Financial Architects Inc’s portfolio.Trust Co Of Vermont reduced its stake in TGNA by selling 580 shares or 86.83% in the most recent quarter. The Hedge Fund company now holds 88 shares of TGNA which is valued at $2,158.

Tegna Inc opened for trading at $20.25 and hit $20.6 on the upside on Thursday, eventually ending the session at $20.38, with a gain of 0.59% or 0.12 points. The heightened volatility saw the trading volume jump to 18,07,965 shares. Company has a market cap of $4,368 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.

Many Wall Street Analysts have commented on Tegna Inc. The Benchmark Company Initiated Tegna Inc on Aug 19, 2016 to “Buy”, Price Target of the shares are set at $26.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 Cars.com CareerBuilder and Shoplocal.

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