Meridian Investment Counsel Inc. Sells 9,000 Shares of TEGNA Inc. (NYSE:TGNA)

Meridian Investment Counsel Inc. decreased its position in TEGNA Inc. (NYSE:TGNA) by 7.7% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 107,833 shares of the company’s stock after selling 9,000 shares during the period. Meridian Investment Counsel Inc.’s holdings in TEGNA were worth $1,972,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of TGNA. Jones Financial Companies Lllp bought a new stake in TEGNA during the fourth quarter worth about $27,000. Smartleaf Asset Management LLC increased its position in shares of TEGNA by 95.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after purchasing an additional 832 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of TEGNA by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after buying an additional 757 shares during the last quarter. Sound Income Strategies LLC bought a new position in shares of TEGNA in the fourth quarter valued at $57,000. Finally, Quarry LP increased its holdings in TEGNA by 455.2% during the third quarter. Quarry LP now owns 4,025 shares of the company’s stock worth $64,000 after buying an additional 3,300 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Stock Performance

NYSE TGNA opened at $18.10 on Monday. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. The firm has a 50-day moving average price of $18.03 and a two-hundred day moving average price of $17.55. The company has a market capitalization of $2.89 billion, a P/E ratio of 6.39 and a beta of 0.45. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Friday, March 7th. TEGNA’s dividend payout ratio (DPR) is presently 14.12%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TGNA. Guggenheim reissued a “buy” rating and issued a $22.00 price objective on shares of TEGNA in a research report on Friday, January 24th. StockNews.com lowered TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.