Gray Television, Inc. (NYSE:GTN) Shares Acquired by Pitcairn Co.

Pitcairn Co. boosted its position in Gray Television, Inc. (NYSE:GTN) by 29.6% in the 1st quarter, Holdings Channel reports. The institutional investor owned 43,387 shares of the company’s stock after buying an additional 9,915 shares during the period. Pitcairn Co.’s holdings in Gray Television were worth $274,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of GTN. SG Americas Securities LLC acquired a new position in shares of Gray Television in the 4th quarter worth approximately $109,000. Raymond James Financial Services Advisors Inc. bought a new position in Gray Television during the fourth quarter worth $964,000. Oak Thistle LLC boosted its holdings in Gray Television by 33.1% in the fourth quarter. Oak Thistle LLC now owns 14,293 shares of the company’s stock worth $128,000 after purchasing an additional 3,551 shares during the period. Independence Bank of Kentucky bought a new stake in Gray Television during the fourth quarter valued at $179,000. Finally, Trust Point Inc. acquired a new stake in shares of Gray Television during the fourth quarter worth $325,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Stock Performance

GTN stock opened at $6.27 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.99. The company has a 50-day simple moving average of $5.45 and a 200 day simple moving average of $6.49. Gray Television, Inc. has a fifty-two week low of $4.39 and a fifty-two week high of $10.69.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.25. The company had revenue of $823.00 million for the quarter, compared to the consensus estimate of $824.98 million. Gray Television had a net margin of 1.30% and a return on equity of 2.13%. Gray Television’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.48) EPS. As a group, research analysts predict that Gray Television, Inc. will post 5.15 earnings per share for the current year.

Gray Television Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.08 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 5.10%. Gray Television’s dividend payout ratio (DPR) is -266.67%.

Wall Street Analyst Weigh In

Several research firms have recently commented on GTN. Loop Capital raised shares of Gray Television to a “strong-buy” rating in a report on Wednesday, May 8th. Benchmark boosted their price target on shares of Gray Television from $11.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, Wells Fargo & Company increased their price objective on shares of Gray Television from $5.50 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Gray Television presently has a consensus rating of “Hold” and an average target price of $11.40.

Gray Television Profile

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.