Gray Television, Inc. (NYSE:GTN) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lowered its stake in shares of Gray Television, Inc. (NYSE:GTN) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,273,238 shares of the company’s stock after selling 57,023 shares during the period. Vanguard Group Inc. owned 5.29% of Gray Television worth $16,611,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. KLP Kapitalforvaltning AS acquired a new stake in Gray Television in the 4th quarter valued at approximately $43,000. Wilmington Savings Fund Society FSB purchased a new position in Gray Television during the 3rd quarter valued at about $59,000. MML Investors Services LLC acquired a new position in Gray Television in the 3rd quarter valued at about $65,000. AXQ Capital LP acquired a new stake in shares of Gray Television during the fourth quarter worth about $72,000. Finally, Choreo LLC boosted its stake in shares of Gray Television by 60.0% in the fourth quarter. Choreo LLC now owns 26,827 shares of the company’s stock valued at $81,000 after purchasing an additional 10,058 shares during the period. 78.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the transaction, the director now owns 55,347 shares of the company’s stock, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.80% of the company’s stock.

Gray Television Price Performance

GTN opened at $3.35 on Thursday. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. Gray Television, Inc. has a 12 month low of $2.91 and a 12 month high of $7.41. The stock has a market capitalization of $340.17 million, a P/E ratio of 2.23 and a beta of 1.08. The business has a 50 day simple moving average of $4.02 and a 200-day simple moving average of $4.22.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. On average, equities analysts anticipate that Gray Television, Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.08 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 9.55%. Gray Television’s dividend payout ratio is presently 9.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target for the company in a research report on Monday, March 3rd. Guggenheim dropped their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $6.33.

About Gray Television

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.