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

Russell Investments Group Ltd. lifted its position in Gray Television, Inc. (NYSE:GTN) by 8.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 421,599 shares of the company’s stock after buying an additional 31,161 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.42% of Gray Television worth $1,328,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in Gray Television during the third quarter worth about $59,000. MML Investors Services LLC purchased a new stake in Gray Television during the 3rd quarter worth approximately $65,000. KLP Kapitalforvaltning AS purchased a new stake in Gray Television during the 4th quarter worth approximately $43,000. RPO LLC acquired a new stake in Gray Television during the 4th quarter worth approximately $46,000. Finally, Pitcairn Co. purchased a new position in Gray Television in the 4th quarter valued at approximately $50,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Insider Activity

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the sale, the director now directly owns 55,347 shares of the company’s stock, valued at $213,085.95. This represents a 22.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 15.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Guggenheim cut their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Wells Fargo & Company upgraded Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target on the stock in a report on Monday, March 3rd. Three 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 stock. Based on data from MarketBeat, Gray Television presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.33.

Gray Television Stock Performance

Shares of Gray Television stock opened at $3.35 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television, Inc. has a 52 week low of $2.91 and a 52 week high of $7.41. The firm’s 50 day moving average is $3.98 and its two-hundred day moving average is $4.18. The firm has a market capitalization of $339.66 million, a P/E ratio of 2.23 and a beta of 1.08.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, hitting analysts’ consensus estimates of $1.59. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. Research analysts forecast that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 9.57%. The ex-dividend date was Friday, March 14th. Gray Television’s payout ratio is currently 9.61%.

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, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.