How Tegna Inc (TGNA) Stacks Up Against Its Peers

Now, some big names were breaking ground themselves. Select Equity Group, managed by Robert Joseph Caruso, established the most valuable position in Tegna Inc (NYSE:TGNA). According to its latest 13F filing, the fund had $12.2 million invested in the company at the end of the quarter. Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors also made a $6.3 million investment in the stock during the quarter. The following funds were also among the new TGNA investors: Israel Englander’s Millennium Management, George Hall’s Clinton Group, and Ken Griffin’s Citadel Investment Group.

Let’s also examine hedge fund activity in other stocks similar to Tegna Inc (NYSE:TGNA). These stocks are Old Dominion Freight Line (NASDAQ:ODFL), Gaming and Leisure Properties Inc (NASDAQ:GLPI), TAL Education Group (ADR) (NYSE:XRS), and Robert Half International Inc. (NYSE:RHI). This group of stocks’ market values resemble TGNA’s market value.

As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $385 million. That figure was $516 million in TGNA’s case. Gaming and Leisure Properties Inc (NASDAQ:GLPI) is the most popular stock in this table. On the other hand Old Dominion Freight Line (NASDAQ:ODFL) is the least popular one with only 14 bullish hedge fund positions. Tegna Inc (NYSE:TGNA) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are more confident in. In this regard GLPI might be a better candidate to consider taking up a long position in.

Disclosure: None