TEGNA Inc. (NYSE:TGNA) President and CEO David Lougee has sold 98,437 shares of common stock on July 1, according to a recent SEC filing. The total value of the shares sold amounted to approximately $1.38 million, with the transaction occurring at a weighted average price of $13.98 per share.
The sales were conducted under a Rule 10b5-1 trading plan, which Lougee had adopted on August 30, 2023. The plan allows company insiders to set up a predetermined schedule for selling stocks at a time when they are not in possession of material non-public information. The shares were sold in multiple transactions at prices ranging from $13.88 to $14.24.
Following the sale, Lougee continues to hold a significant stake in the company, with 594,401 shares of TEGNA's common stock remaining in his direct ownership. Additionally, he has an indirect ownership of 8,202.207 shares through a 401(k) plan.
The transactions come as part of the regular financial activities of corporate executives, where they may sell shares for reasons such as diversification, liquidity, or personal financial planning. The filing provides transparency into the trading activities of high-level executives, ensuring that all market participants have access to the same information.
Investors and the market often monitor insider transactions as they can provide insights into the executives' confidence in the company's prospects. However, it is important to note that these sales do not necessarily indicate a change in company strategy or future performance.
TEGNA Inc., headquartered in Tysons, Virginia, is a media company with a portfolio that includes television broadcasting stations among other digital media operations.
In other recent news, TEGNA Inc. has appointed Christopher Franklin as the new president and general manager of its Memphis television stations, WATN and WLMT. Franklin, with over 25 years in the media and marketing sector, will manage station operations, community outreach, and drive advertising results. His previous roles have earned him industry accolades, including Promax, Midsouth Regional Emmy®, and PRSA VOX awards.
In financial developments, TEGNA reported mixed results for the first quarter of 2024. Despite a 4% decline in total revenue, primarily due to a drop in subscription revenue, the company returned over $100 million to shareholders and increased its quarterly dividend by 10%. TEGNA also completed the acquisition of Octillion Media, positioning itself for potential growth in its Premion OTT sales platform.
Analysts are keeping a close eye on TEGNA's business transformation initiatives, which are expected to generate $90 million to $100 million in annualized cost savings by the end of 2025. Despite challenges in national advertising, TEGNA remains optimistic about local advertising and anticipates continued sequential improvement throughout the year. These are among the recent developments that investors are monitoring closely.
InvestingPro Insights
As TEGNA Inc. (NYSE:TGNA) navigates the market, recent insider trading activity has caught the attention of investors. While insider transactions are not always indicative of the company's future performance, they are closely monitored for insights into executive confidence. To add further context, InvestingPro provides key metrics and tips that can help investors understand TEGNA's financial position and potential.
InvestingPro Data shows that TEGNA has a market capitalization of $2.32 billion and is trading at a low P/E ratio of 4.77, suggesting that the company's shares might be undervalued relative to its near-term earnings growth. Additionally, the company's PEG ratio of 0.61 indicates that the stock could be a potentially attractive growth-at-a-reasonable-price (GARP) investment.
From a dividend perspective, TEGNA has a history of rewarding shareholders. The company has maintained dividend payments for 54 consecutive years, and its current dividend yield stands at 3.67%. Moreover, TEGNA has raised its dividend for three consecutive years, highlighting its commitment to returning value to its shareholders.
InvestingPro Tips highlight that TEGNA is expected to be profitable this year, with analysts predicting positive earnings. Furthermore, the company's liquid assets exceed its short-term obligations, indicating a strong liquidity position.
For those seeking to delve deeper into TEGNA's financials and future outlook, InvestingPro offers additional insights. There are 6 more InvestingPro Tips available at https://www.investing.com/pro/TGNA, which could provide valuable information for making informed investment decisions. Interested investors can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking a wealth of analytics and data to guide their investment strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.