Federated Hermes Inc. Sells 25,967 Shares of Gray Television, Inc. (NYSE:GTN)

Federated Hermes Inc. lowered its holdings in shares of Gray Television, Inc. (NYSE:GTN) by 3.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 703,105 shares of the company’s stock after selling 25,967 shares during the period. Federated Hermes Inc.’s holdings in Gray Television were worth $6,300,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Gray Television by 66.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,768 shares of the company’s stock worth $240,000 after acquiring an additional 10,687 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Gray Television by 111.3% during the 4th quarter. Mackenzie Financial Corp now owns 36,127 shares of the company’s stock valued at $324,000 after purchasing an additional 19,026 shares in the last quarter. Trust Point Inc. bought a new stake in shares of Gray Television during the 4th quarter valued at about $325,000. Independence Bank of Kentucky bought a new stake in shares of Gray Television during the 4th quarter valued at about $179,000. Finally, Oak Thistle LLC boosted its stake in shares of Gray Television by 33.1% during the 4th quarter. Oak Thistle LLC now owns 14,293 shares of the company’s stock valued at $128,000 after purchasing an additional 3,551 shares in the last quarter. Institutional investors own 78.64% of the company’s stock.

Gray Television Stock Down 4.3 %

Shares of Gray Television stock opened at $5.76 on Friday. The company has a debt-to-equity ratio of 3.12, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market capitalization of $559.87 million, a PE ratio of -4.14, a price-to-earnings-growth ratio of 0.16 and a beta of 1.57. Gray Television, Inc. has a 52-week low of $5.44 and a 52-week high of $10.69. The company has a 50-day simple moving average of $6.15 and a two-hundred day simple moving average of $7.40.

Gray Television (NYSE:GTN) last released its quarterly earnings data on Friday, February 23rd. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.08). Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The company had revenue of $864.00 million for the quarter, compared to analysts’ expectations of $863.31 million. During the same period in the previous year, the firm earned $1.88 earnings per share. The firm’s revenue for the quarter was down 19.4% on a year-over-year basis. On average, analysts anticipate that Gray Television, Inc. will post 3.78 EPS for the current fiscal year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.08 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 5.56%. Gray Television’s payout ratio is -23.02%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Barrington Research reissued a “market perform” rating on shares of Gray Television in a research report on Tuesday, February 27th. Wells Fargo & Company lifted their price target on shares of Gray Television from $6.00 to $7.00 and gave the company an “underweight” rating in a research report on Friday, February 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $12.80.

Insider Activity

In related news, CEO Hilton H. Howell, Jr. acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was purchased at an average cost of $8.09 per share, with a total value of $80,900.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,982,386 shares of the company’s stock, valued at $24,127,502.74. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.80% of the stock is owned by corporate insiders.

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.