Gray Television, Inc. (NYSE:GTN) Director D Patrick Laplatney Sells 60,000 Shares

Gray Television, Inc. (NYSE:GTNGet Rating) Director D Patrick Laplatney sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, April 11th. The stock was sold at an average price of $20.93, for a total transaction of $1,255,800.00. Following the sale, the director now directly owns 348,849 shares of the company’s stock, valued at approximately $7,301,409.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Shares of Gray Television stock traded up $0.15 during midday trading on Wednesday, reaching $21.15. The company had a trading volume of 520,008 shares, compared to its average volume of 651,324. The company has a quick ratio of 2.51, a current ratio of 2.51 and a debt-to-equity ratio of 3.84. The firm has a market cap of $2.02 billion, a P/E ratio of 54.03, a price-to-earnings-growth ratio of 0.47 and a beta of 1.73. The company’s fifty day moving average is $22.31. Gray Television, Inc. has a 1-year low of $18.31 and a 1-year high of $25.24.

Gray Television (NYSE:GTNGet Rating) last issued its quarterly earnings results on Friday, February 25th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.28. The business had revenue of $721.00 million during the quarter, compared to analyst estimates of $687.25 million. Gray Television had a net margin of 3.73% and a return on equity of 5.08%. Gray Television’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.22 earnings per share. Equities research analysts expect that Gray Television, Inc. will post 4.45 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 31st. Shareholders of record on Tuesday, March 15th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Monday, March 14th. Gray Television’s dividend payout ratio is presently 82.05%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. grew its holdings in Gray Television by 10.5% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 3,037,493 shares of the company’s stock worth $69,316,000 after acquiring an additional 289,231 shares during the period. Goldman Sachs Group Inc. grew its holdings in Gray Television by 20.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,778,192 shares of the company’s stock worth $35,849,000 after acquiring an additional 305,712 shares during the period. Geode Capital Management LLC grew its holdings in Gray Television by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 1,482,953 shares of the company’s stock worth $29,896,000 after acquiring an additional 12,795 shares during the period. New York State Common Retirement Fund grew its holdings in Gray Television by 4.7% during the 4th quarter. New York State Common Retirement Fund now owns 1,421,455 shares of the company’s stock worth $28,657,000 after acquiring an additional 64,449 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Gray Television by 8.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,357,490 shares of the company’s stock worth $27,366,000 after acquiring an additional 106,689 shares during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

Several analysts have recently weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Gray Television from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, February 28th. Loop Capital raised their price objective on shares of Gray Television from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, March 7th. Zacks Investment Research raised shares of Gray Television from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Monday, March 7th. Barrington Research raised their price objective on shares of Gray Television from $25.00 to $28.00 in a report on Wednesday, March 2nd. Finally, StockNews.com started coverage on shares of Gray Television in a report on Thursday, March 31st. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Gray Television currently has a consensus rating of “Buy” and a consensus price target of $28.75.

Gray Television Company Profile (Get Rating)

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, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.

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