U.S. markets closed
  • S&P 500

    4,228.48
    -55.26 (-1.29%)
     
  • Dow 30

    33,706.74
    -292.30 (-0.86%)
     
  • Nasdaq

    12,705.21
    -260.08 (-2.01%)
     
  • Russell 2000

    1,957.35
    -43.38 (-2.17%)
     
  • Crude Oil

    90.08
    -0.42 (-0.46%)
     
  • Gold

    1,760.80
    -10.40 (-0.59%)
     
  • Silver

    18.98
    -0.48 (-2.49%)
     
  • EUR/USD

    1.0044
    -0.0048 (-0.4721%)
     
  • 10-Yr Bond

    2.9890
    +0.1090 (+3.78%)
     
  • Vix

    20.60
    +1.04 (+5.32%)
     
  • GBP/USD

    1.1823
    -0.0109 (-0.9163%)
     
  • USD/JPY

    136.9300
    +1.0680 (+0.7861%)
     
  • BTC-USD

    21,043.18
    -2,335.12 (-9.99%)
     
  • CMC Crypto 200

    505.03
    -36.57 (-6.75%)
     
  • FTSE 100

    7,550.37
    +8.52 (+0.11%)
     
  • Nikkei 225

    28,930.33
    -11.77 (-0.04%)
     

Here’s Why Hourglass Capital Exited its TEGNA (TGNA) Stake

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Hourglass Capital, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here. During the first quarter, the Energy sector of the S&P 500 had a total return of 39.0% versus the broader Index of negative -4.6%. The fund's thinking has proven correct in the shorter term both for the energy sector and the reallocation in technology-related names. The tech-heavy NASDAQ Index was down -19.6% at its low in mid-March before a significant rebound to finish the quarter -8.9%. Hourglass Capital's structural thesis and overweight remain in place. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Hourglass Capital mentioned TEGNA Inc. (NYSE:TGNA) and explained its insights for the company. Founded in 2017, TEGNA Inc. (NYSE:TGNA) is a Tysons, Virginia-based publicly traded broadcast, digital media, and marketing services company with a $4.5 billion market capitalization. TEGNA Inc. (NYSE:TGNA) delivered a 10.45% return since the beginning of the year, while its 12-month returns are up by 8.41%. The stock closed at $20.50 per share on June 15, 2022.

Here is what Hourglass Capital has to say about TEGNA Inc. (NYSE:TGNA) in its Q1 2022 investor letter:

"At the portfolio level, clients fully invested at the start of the year saw an average return of 5.4% in the first quarter after all associated fees. I made three sales during the quarter, all for very different reasons. First, I sold the entirety of our position in TEGNA, Inc., a broadcasting and digital media business, after the company received a leveraged buyout offer by two joint-venture private equity investors, Standard General and Apollo."

Newspaper, Reading
Newspaper, Reading

Photo by Roman Kraft on Unsplash

Our calculations show that TEGNA Inc. (NYSE:TGNA) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. TEGNA Inc. (NYSE:TGNA) was in 44 hedge fund portfolios at the end of the first quarter of 2022, compared to 45 funds in the previous quarter. TEGNA Inc. (NYSE:TGNA) delivered a -8.56% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.