Sound Income Strategies LLC Purchases Shares of 3,132 TEGNA Inc. (NYSE:TGNA)

Sound Income Strategies LLC acquired a new position in shares of TEGNA Inc. (NYSE:TGNA) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,132 shares of the company’s stock, valued at approximately $57,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Envestnet Asset Management Inc. boosted its position in TEGNA by 513.1% during the second quarter. Envestnet Asset Management Inc. now owns 181,214 shares of the company’s stock valued at $2,526,000 after acquiring an additional 151,656 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of TEGNA by 33.3% in the 2nd quarter. Hsbc Holdings PLC now owns 22,842 shares of the company’s stock valued at $319,000 after purchasing an additional 5,704 shares during the period. Intech Investment Management LLC bought a new stake in shares of TEGNA during the 2nd quarter valued at about $362,000. Sei Investments Co. grew its stake in TEGNA by 54.2% during the second quarter. Sei Investments Co. now owns 104,363 shares of the company’s stock worth $1,455,000 after purchasing an additional 36,687 shares during the period. Finally, Marshall Wace LLP increased its holdings in TEGNA by 10.3% in the second quarter. Marshall Wace LLP now owns 156,106 shares of the company’s stock worth $2,176,000 after purchasing an additional 14,616 shares in the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

TEGNA Stock Up 0.1 %

Shares of NYSE TGNA opened at $18.23 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The company has a 50-day moving average price of $18.39 and a 200-day moving average price of $16.43. The stock has a market capitalization of $2.94 billion, a P/E ratio of 6.44 and a beta of 0.52. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The business had revenue of $806.83 million during the quarter, compared to the consensus estimate of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The company’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 EPS. On average, equities research analysts forecast that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were issued a dividend of $0.125 per share. The ex-dividend date was Friday, December 6th. This represents a $0.50 annualized dividend and a yield of 2.74%. TEGNA’s dividend payout ratio (DPR) is currently 17.67%.

Analyst Upgrades and Downgrades

TGNA has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Guggenheim reaffirmed a “buy” rating and issued a $22.00 price target on shares of TEGNA in a research note on Friday. Benchmark increased their price objective on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. StockNews.com raised TEGNA from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Finally, Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.75.

TEGNA Profile

TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.