TEGNA Inc (NYSE:TGNA) has reported a significant stock transaction by a high-level executive, according to a recent SEC filing. Clifton A. McClelland III, the company's Senior Vice President, Controller, and Principal Accounting Officer, sold 54,093 shares of common stock at an average price of $15.78, totaling approximately $853,587.
The transaction took place on May 14, 2024, as revealed by the filing dated May 15, 2024. The shares were sold in multiple transactions with prices ranging from $15.76 to $15.82. The sales have resulted in McClelland's direct ownership in the company being reduced to 42,602 shares. Additionally, it was disclosed that McClelland has an indirect ownership of 8,363.27 shares through a 401(k) plan.
TEGNA Inc, with its primary focus on television broadcasting, is a company watched by investors who pay close attention to the buy and sell activities of its top executives. These transactions can provide insights into the executives' perspectives on the company's current valuation and future prospects.
Investors and followers of TEGNA Inc can request more detailed information about the transactions from the company if needed. The SEC filing includes a statement from McClelland offering to provide full information regarding the number of shares sold at each separate price within the stated ranges upon request.
Following this transaction, TEGNA Inc's stock continues to be a point of interest as market watchers observe the actions of the company's executives and consider the potential implications for the stock's performance.
InvestingPro Insights
As TEGNA Inc (NYSE:TGNA) navigates the complexities of the market, recent data from InvestingPro provides a nuanced picture of the company's financial health and stock performance. With a market capitalization of $2.58 billion and a notably low P/E ratio of 5.33, TEGNA stands out as a potentially undervalued opportunity relative to near-term earnings growth. Furthermore, the company's commitment to shareholder returns is evident as it has not only maintained but also increased its dividend payments for 54 consecutive years, showcasing a stable financial policy favorable for long-term investors.
On the performance front, TEGNA has demonstrated resilience with a strong return over the last month, as indicated by a 17.4% one-month price total return. This bullish trend is further supported by the company's robust free cash flow yield, a metric that can be particularly attractive to value investors looking for companies with strong cash generation relative to their share price. The InvestingPro platform, which lists 9 additional tips for TEGNA, reveals that the company is also trading at a price below its fair value, as estimated by both analysts and InvestingPro's own fair value assessment.
For those considering an investment in TEGNA, these metrics suggest a company that is not only financially sound but also potentially poised for growth. Interested individuals can explore further insights and tips on TEGNA by visiting https://www.investing.com/pro/TGNA. Additionally, readers can take advantage of a special offer using the coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, granting access to a wealth of financial data and expert analysis that could further inform their investment decisions.
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