What Do Hedge Funds Think of Tegna Inc (TGNA)?

Page 1 of 2

After several tireless days we have finished crunching the numbers from the more than 700 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms’ equity portfolios as of September 30. The results of that effort will be put on display in this article, as we share valuable insight into the smart money sentiment towards Tegna Inc (NYSE:TGNA).

Tegna Inc (NYSE:TGNA) has experienced an increase in activity from the world’s largest hedge funds lately. TGNA was in 21 hedge funds’ portfolios at the end of September. There were 20 hedge funds in our database with TGNA positions at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Tyler Technologies, Inc. (NYSE:TYL), Community Health Systems (NYSE:CYH), and TFS Financial Corporation (NASDAQ:TFSL) to gather more data points.

Follow Tegna Inc (NYSE:TGNA)

In the financial world there are tons of metrics shareholders put to use to value publicly traded companies. A couple of the less utilized metrics are hedge fund and insider trading signals. Our researchers have shown that, historically, those who follow the best picks of the best fund managers can outperform their index-focused peers by a solid margin (see the details here).

With all of this in mind, we’re going to take a gander at the new action encompassing Tegna Inc (NYSE:TGNA).

What does the smart money think about Tegna Inc (NYSE:TGNA)?

At Q3’s end, a total of 21 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 5% from the previous quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were increasing their stakes meaningfully (or already accumulated large positions).

When looking at the institutional investors followed by Insider Monkey, Carl Icahn’s Icahn Capital LP has the biggest position in Tegna Inc (NYSE:TGNA), worth close to $480 million, accounting for 1.7% of its total 13F portfolio. Sitting at the No. 2 spot is AQR Capital Management, led by Cliff Asness, holding a $90.2 million position; 0.2% of its 13F portfolio is allocated to the stock. Some other peers that are bullish comprise David Harding’s Winton Capital Management, Joel Greenblatt’s Gotham Asset Management and Dennis Leibowitz’s Act II Capital.

Page 1 of 2