Meridian Investment Counsel Inc. Lowers Stake in TEGNA Inc. $TGNA

Meridian Investment Counsel Inc. lessened its stake in TEGNA Inc. (NYSE:TGNA) by 33.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 59,833 shares of the company’s stock after selling 30,410 shares during the period. Meridian Investment Counsel Inc.’s holdings in TEGNA were worth $1,216,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in TGNA. Hillsdale Investment Management Inc. lifted its holdings in TEGNA by 33.6% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 317,500 shares of the company’s stock worth $5,321,000 after buying an additional 79,900 shares in the last quarter. Neuberger Berman Group LLC grew its stake in shares of TEGNA by 60.4% in the second quarter. Neuberger Berman Group LLC now owns 37,414 shares of the company’s stock worth $627,000 after acquiring an additional 14,094 shares in the last quarter. Brandywine Global Investment Management LLC grew its stake in shares of TEGNA by 20.5% in the second quarter. Brandywine Global Investment Management LLC now owns 702,453 shares of the company’s stock worth $11,773,000 after acquiring an additional 119,690 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of TEGNA during the second quarter worth $5,504,000. Finally, Calamos Advisors LLC acquired a new stake in shares of TEGNA in the third quarter valued at $23,298,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Stock Performance

Shares of TGNA stock opened at $19.21 on Thursday. The company has a market cap of $3.09 billion, a P/E ratio of 9.06 and a beta of 0.13. The firm has a fifty day moving average price of $19.60 and a 200 day moving average price of $19.30. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.81. TEGNA Inc. has a 12 month low of $14.87 and a 12 month high of $21.35.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The business had revenue of $650.79 million during the quarter, compared to analyst estimates of $658.28 million. TEGNA had a net margin of 11.97% and a return on equity of 12.50%. The firm’s quarterly revenue was down 19.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.94 earnings per share. Sell-side analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were paid a dividend of $0.125 per share. The ex-dividend date was Friday, December 5th. This represents a $0.50 annualized dividend and a yield of 2.6%. TEGNA’s payout ratio is presently 23.58%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Zacks Research lowered TEGNA from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. Wells Fargo & Company lowered TEGNA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.75.

About TEGNA

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.