Insider Selling: Gray Television, Inc. (NYSE:GTN) CAO Sells 12,573 Shares of Stock

Gray Television, Inc. (NYSE:GTNGet Rating) CAO Jackson S. Iv Cowart sold 12,573 shares of the stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $20.15, for a total transaction of $253,345.95. Following the sale, the chief accounting officer now directly owns 3,487 shares in the company, valued at approximately $70,263.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Gray Television stock traded up $0.09 during midday trading on Friday, hitting $20.27. 777,454 shares of the company’s stock were exchanged, compared to its average volume of 685,017. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.80 and a current ratio of 2.80. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 31.50, a price-to-earnings-growth ratio of 0.39 and a beta of 1.73. Gray Television, Inc. has a 12-month low of $18.14 and a 12-month high of $25.24. The firm’s 50 day simple moving average is $20.98 and its 200 day simple moving average is $21.41.

Gray Television (NYSE:GTNGet Rating) last released its quarterly earnings results on Friday, May 6th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.15. Gray Television had a return on equity of 6.35% and a net margin of 4.19%. The firm had revenue of $827.00 million for the quarter, compared to analyst estimates of $805.23 million. During the same quarter last year, the company posted $0.27 earnings per share. The business’s revenue was up 52.0% on a year-over-year basis. On average, equities research analysts forecast that Gray Television, Inc. will post 5.27 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Tuesday, June 14th. Gray Television’s dividend payout ratio (DPR) is presently 50.00%.

A number of research firms recently weighed in on GTN. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research note on Tuesday, May 10th. Zacks Investment Research upgraded shares of Gray Television from a “hold” rating to a “strong-buy” rating and set a $22.00 price objective for the company in a research report on Friday, May 13th. Wells Fargo & Company boosted their price target on shares of Gray Television from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 28th. Loop Capital raised their price objective on Gray Television from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, March 7th. Finally, Barrington Research boosted their target price on Gray Television from $25.00 to $28.00 in a report on Wednesday, March 2nd.

A number of large investors have recently bought and sold shares of GTN. Nisa Investment Advisors LLC purchased a new position in Gray Television during the 1st quarter worth $26,000. Allworth Financial LP purchased a new position in Gray Television during the first quarter worth about $28,000. Arcadia Investment Management Corp MI acquired a new stake in Gray Television in the first quarter valued at about $36,000. UMB Bank N A MO purchased a new stake in Gray Television in the 1st quarter valued at approximately $39,000. Finally, Prospera Financial Services Inc acquired a new position in Gray Television during the 1st quarter worth approximately $44,000. Hedge funds and other institutional investors own 75.11% of the company’s stock.

About Gray Television (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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