Gray Television, Inc. (NYSE:GTN) Director Sells $61,600.00 in Stock

Gray Television, Inc. (NYSE:GTN) Director Richard Lee Boger sold 16,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the transaction, the director now directly owns 55,347 shares in the company, valued at $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Gray Television Price Performance

Shares of GTN stock opened at $3.50 on Thursday. The business has a fifty day simple moving average of $3.64 and a 200 day simple moving average of $4.41. The company has a market cap of $348.34 million, a P/E ratio of 2.33 and a beta of 1.41. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television, Inc. has a twelve month low of $2.91 and a twelve month high of $7.41.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, hitting analysts’ consensus estimates of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. On average, sell-side analysts forecast that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.08 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 9.16%. Gray Television’s dividend payout ratio is currently 9.61%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GTN. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Gray Television by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 239,371 shares of the company’s stock worth $1,283,000 after purchasing an additional 2,654 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Gray Television by 30.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 14,146 shares of the company’s stock valued at $45,000 after buying an additional 3,262 shares during the period. Mariner LLC increased its stake in shares of Gray Television by 18.7% in the fourth quarter. Mariner LLC now owns 21,740 shares of the company’s stock valued at $68,000 after buying an additional 3,419 shares during the period. Nuveen Asset Management LLC raised its holdings in Gray Television by 1.1% in the 4th quarter. Nuveen Asset Management LLC now owns 336,905 shares of the company’s stock valued at $1,061,000 after buying an additional 3,737 shares during the last quarter. Finally, Quadrature Capital Ltd boosted its position in Gray Television by 27.4% during the 3rd quarter. Quadrature Capital Ltd now owns 19,006 shares of the company’s stock worth $102,000 after buying an additional 4,083 shares during the period. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on GTN shares. Barrington Research raised Gray Television to a “hold” rating in a research report on Thursday, November 14th. Benchmark reduced their target price on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, November 11th. StockNews.com raised Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Guggenheim reduced their price objective on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 target price on the stock in a report on Monday. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.67.

About Gray Television

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.