Sound Income Strategies LLC Invests $57,000 in TEGNA Inc. (NYSE:TGNA)

Sound Income Strategies LLC bought a new position in shares of TEGNA Inc. (NYSE:TGNA) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,132 shares of the company’s stock, valued at approximately $57,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. boosted its position in shares of TEGNA by 2,898.4% in the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock valued at $170,521,000 after acquiring an additional 10,445,739 shares during the period. State Street Corp boosted its holdings in TEGNA by 3.5% in the 3rd quarter. State Street Corp now owns 8,194,619 shares of the company’s stock valued at $129,991,000 after purchasing an additional 276,699 shares during the period. Geode Capital Management LLC grew its position in shares of TEGNA by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock worth $77,422,000 after purchasing an additional 238,696 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of TEGNA by 3.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock worth $28,077,000 after purchasing an additional 53,583 shares during the period. Finally, Millennium Management LLC raised its position in shares of TEGNA by 395.9% in the second quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock valued at $12,974,000 after buying an additional 743,052 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Trading Up 0.1 %

Shares of TEGNA stock opened at $18.23 on Friday. The firm’s 50 day moving average is $18.39 and its 200 day moving average is $16.43. The firm has a market capitalization of $2.94 billion, a PE 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. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.

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

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Friday, December 6th. TEGNA’s dividend payout ratio is currently 17.67%.

Analysts Set New Price Targets

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

About TEGNA

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.