Form 4: TEGNA CEO David Lougee Sells Shares Under 10b5-1 Trading Plan
SEC Form 4
TEGNA's CEO, David Lougee, sold 98,437 shares of common stock at an average price of $13.98 on July 1, 2024, under a pre-arranged 10b5-1 trading plan.
Summary
- On July 1, 2024, David Lougee, the President and CEO of TEGNA Inc. (TGNA), sold 98,437 shares of the company's common stock.
- The sale was executed at a weighted average price of $13.98 per share.
- The transactions occurred under a Rule 10b5-1 trading plan adopted by Mr. Lougee on August 30, 2023.
- The prices for individual transactions ranged from $13.88 to $14.24.
- Following the reported transaction, Mr. Lougee directly owns 594,401 shares of TEGNA.
- He also indirectly owns 8,202.207 shares through a 401(k) plan.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the transaction is part of a pre-planned trading strategy and doesn't necessarily reflect a change in the CEO's confidence in the company.
Industry Context
Insider selling can sometimes be interpreted negatively by the market, but sales under pre-arranged 10b5-1 plans are common and often planned well in advance for personal financial management.
Stakeholder Impact
- The stock sale could have a minor negative impact on shareholder sentiment, although it is likely to be minimal given the pre-planned nature of the transaction.
Key Dates
| Date | Description |
|---|---|
| 08/30/2023 | Date Mr. Lougee adopted the Rule 10b5-1 trading plan |
| 07/01/2024 | Date of the transaction (stock sale) |
| 07/02/2024 | Date of the Form 4 filing |
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