Balyasny Asset Management L.P. Sells 21,006 Shares of Gray Television, Inc. (NYSE:GTN)

Balyasny Asset Management L.P. cut its stake in shares of Gray Television, Inc. (NYSE:GTN) by 56.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,243 shares of the company’s stock after selling 21,006 shares during the period. Balyasny Asset Management L.P.’s holdings in Gray Television were worth $51,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Voleon Capital Management LP purchased a new stake in Gray Television in the 4th quarter worth $32,000. Ameriprise Financial Inc. bought a new position in shares of Gray Television in the fourth quarter worth about $33,000. Boothbay Fund Management LLC purchased a new stake in shares of Gray Television during the fourth quarter worth about $34,000. Federated Hermes Inc. grew its position in shares of Gray Television by 214,100.0% during the fourth quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock worth $40,000 after purchasing an additional 12,846 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Gray Television in the 4th quarter worth approximately $43,000. Institutional investors own 78.64% of the company’s stock.

Insider Transactions at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the transaction, the director now directly owns 55,347 shares in the company, valued at approximately $213,085.95. This represents a 22.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 15.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. StockNews.com downgraded Gray Television from a “hold” rating to a “sell” rating in a research note on Monday, May 12th. Guggenheim cut their target price on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Benchmark decreased their price target on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company increased their price objective on shares of Gray Television from $4.00 to $4.50 and gave the company an “equal weight” rating in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Gray Television currently has an average rating of “Hold” and a consensus price target of $6.17.

Gray Television Trading Down 2.5%

Shares of GTN opened at $3.94 on Tuesday. The stock has a market capitalization of $400.08 million, a PE ratio of 2.63 and a beta of 1.15. The company’s fifty day moving average is $3.95 and its 200 day moving average is $3.91. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. Gray Television, Inc. has a fifty-two week low of $2.91 and a fifty-two week high of $6.64.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The firm had revenue of $782.00 million for the quarter, compared to the consensus estimate of $772.71 million. During the same period in the previous year, the firm posted $0.79 EPS. The business’s quarterly revenue was down 5.0% on a year-over-year basis. Sell-side analysts expect that Gray Television, Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 8.12%. The ex-dividend date of this dividend is Friday, June 13th. Gray Television’s payout ratio is 13.85%.

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.