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

As one would reasonably expect, key money managers were breaking ground themselves. Overland Advisors, managed by Gordy Holterman and Derek Dunn, created the most outsized position in Tegna Inc (NYSE:TGNA). Overland Advisors had $4.5 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $4.2 million position during the quarter. The following funds were also among the new TGNA investors: Paul Tudor Jones’ Tudor Investment Corp, Ken Griffin’s Citadel Investment Group, and Andre F. Perold’s HighVista Strategies.

Let’s also examine hedge fund activity in other stocks similar to Tegna Inc (NYSE:TGNA). These stocks are Tyler Technologies, Inc. (NYSE:TYL), Community Health Systems (NYSE:CYH), TFS Financial Corporation (NASDAQ:TFSL), and Herbalife Ltd. (NYSE:HLF). All of these stocks’ market caps resemble TGNA’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
TYL 13 143812 0
CYH 59 1171173 -2
TFSL 14 229151 1
HLF 32 1666878 -2

As you can see these stocks had an average of 29.5 hedge funds with bullish positions and the average amount invested in these stocks was $803 million. That figure was $1012 million in TGNA’s case. Community Health Systems (NYSE:CYH) is the most popular stock in this table. On the other hand Tyler Technologies, Inc. (NYSE:TYL) is the least popular one with only 13 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 piling on. In this regard CYH might be a better candidate to consider a long position.

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