Carl Icahn (Trades, Portfolio) decided to cut ties with 1,658,488 shares of Tegna Inc. (TGNA, Financial) during the first quarter at an average price of $24.74. Since the fourth quarter of 2015, Icahn has sold 4,255,774 shares of Tegna from his portfolio.
Tegna was originally founded in 1906 as Gannett Co. The company changed its name to Tegna after it was incorporated in 1923. Tegna is an international media and marketing solutions company with diverse local content providers in the U.S. Tenga media has 46 television stations and is the largest independent station group of major network affiliates. Tenga media reaches approximately one-third of all television households nationwide.Â
Tegna has a market cap of $5.34 billion, a P/E ratio of 12.16, an enterprise value of $9.67 billion, a P/B ratio of 2.45 and a quick ratio of 1.33.
According to GuruFocus, Tegna has a two medium warning signs -- the dividend yield is close to a three-year low at 2.56%, and Tegna has also had operating losses over the previous three years, which is not terrible but is a noteworthy sign for investors.
It is possible that Icahn reduced 1,658,488 shares of Tegna because the company's book value growth has declined 9.60% over the previous 10 years and 30.50% over the previous 12 months. The company's gross profits have not been able to surpass its results from 2010, which may have also influenced Icahn to reduce his risk with this investment by cutting ties with 1,658,488 shares of Tegna.
Below is a Peter Lynch Chart for Tegna Inc.
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