Gray Television, Inc. (NYSE:GTN) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its stake in Gray Television, Inc. (NYSE:GTN) by 32.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,983 shares of the company’s stock after selling 24,246 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.05% of Gray Television worth $436,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GTN. Rhumbline Advisers lifted its position in shares of Gray Television by 0.8% in the second quarter. Rhumbline Advisers now owns 113,045 shares of the company’s stock valued at $1,909,000 after acquiring an additional 867 shares in the last quarter. Captrust Financial Advisors boosted its stake in Gray Television by 219.5% during the 2nd quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock worth $26,000 after purchasing an additional 1,069 shares during the last quarter. Guggenheim Capital LLC grew its holdings in shares of Gray Television by 3.8% during the first quarter. Guggenheim Capital LLC now owns 30,927 shares of the company’s stock worth $683,000 after buying an additional 1,118 shares in the last quarter. Credit Suisse AG raised its position in shares of Gray Television by 2.1% in the third quarter. Credit Suisse AG now owns 73,320 shares of the company’s stock valued at $1,051,000 after buying an additional 1,509 shares during the last quarter. Finally, Advisor Group Holdings Inc. lifted its stake in shares of Gray Television by 35.1% in the first quarter. Advisor Group Holdings Inc. now owns 6,415 shares of the company’s stock worth $142,000 after buying an additional 1,667 shares in the last quarter. 77.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Gray Television

In other Gray Television news, Director T L. Elder sold 3,793 shares of Gray Television stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $10.36, for a total value of $39,295.48. Following the completion of the transaction, the director now directly owns 24,760 shares of the company’s stock, valued at approximately $256,513.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have bought 7,000 shares of company stock worth $63,544. 4.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GTN has been the subject of a number of recent research reports. Stephens reiterated an “equal weight” rating and issued a $12.00 price objective on shares of Gray Television in a report on Monday, August 7th. StockNews.com initiated coverage on Gray Television in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Barrington Research restated an “outperform” rating and issued a $12.00 target price on shares of Gray Television in a report on Thursday, August 10th. Guggenheim lowered their price target on shares of Gray Television from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, August 8th. Finally, Benchmark restated a “buy” rating and set a $19.00 price objective on shares of Gray Television in a research report on Monday, August 7th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Gray Television currently has a consensus rating of “Hold” and a consensus target price of $12.80.

Gray Television Stock Performance

NYSE GTN opened at $7.81 on Monday. The stock has a fifty day simple moving average of $8.57 and a 200-day simple moving average of $8.61. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 3.01. The stock has a market cap of $745.50 million, a PE ratio of 3.35 and a beta of 1.61. Gray Television, Inc. has a twelve month low of $6.50 and a twelve month high of $19.74.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Friday, August 4th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.09. The business had revenue of $813.00 million during the quarter, compared to analysts’ expectations of $797.17 million. Gray Television had a net margin of 7.43% and a return on equity of 13.07%. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period last year, the business earned $0.91 earnings per share. Equities analysts anticipate that Gray Television, Inc. will post -0.66 earnings per share for the current year.

Gray Television Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.08 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.10%. Gray Television’s payout ratio is presently 13.73%.

Gray Television Company 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, Antenna TV, Telemundo, and Cozi; and local news/weather channels in various markets.