Alliancebernstein L.P. Has $277,000 Position in Gray Television, Inc. (NYSE:GTN)

Alliancebernstein L.P. decreased its position in shares of Gray Television, Inc. (NYSE:GTN) by 7.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,050 shares of the company’s stock after selling 7,570 shares during the period. Alliancebernstein L.P. owned about 0.09% of Gray Television worth $277,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in GTN. Capital Management Corp VA boosted its holdings in shares of Gray Television by 6.6% in the 4th quarter. Capital Management Corp VA now owns 5,763,336 shares of the company’s stock valued at $18,155,000 after purchasing an additional 355,067 shares in the last quarter. State Street Corp lifted its position in shares of Gray Television by 1.9% during the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company’s stock worth $10,773,000 after buying an additional 36,541 shares during the last quarter. Geode Capital Management LLC boosted its stake in Gray Television by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company’s stock valued at $10,568,000 after buying an additional 57,481 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Gray Television by 10.1% during the fourth quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company’s stock worth $3,057,000 after acquiring an additional 89,385 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Gray Television by 5.5% in the 3rd quarter. Franklin Resources Inc. now owns 696,853 shares of the company’s stock valued at $3,951,000 after purchasing an additional 36,312 shares in the last quarter. 78.64% of the stock is owned by institutional investors.

Insider Activity at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the sale, the director now owns 55,347 shares of the company’s stock, valued at approximately $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 15.22% of the stock is currently owned by company insiders.

Gray Television Stock Down 3.9 %

NYSE:GTN opened at $3.21 on Tuesday. Gray Television, Inc. has a one year low of $2.91 and a one year high of $7.41. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. The company has a market cap of $325.95 million, a PE ratio of 2.14 and a beta of 1.08. The firm’s 50 day simple moving average is $3.97 and its 200 day simple moving average is $4.16.

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

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 9.97%. The ex-dividend date was Friday, March 14th. Gray Television’s dividend payout ratio is currently 9.61%.

Analysts Set New Price Targets

A number of research firms recently issued reports on GTN. Guggenheim lowered their price objective on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Wells Fargo & Company upgraded 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 report on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.33.

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.