Northern Trust Corp Raises Stock Holdings in Gray Television, Inc. (NYSE:GTN)

Northern Trust Corp grew its stake in Gray Television, Inc. (NYSE:GTN) by 7.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 846,849 shares of the company’s stock after acquiring an additional 61,562 shares during the quarter. Northern Trust Corp owned about 0.85% of Gray Television worth $2,668,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Boothbay Fund Management LLC purchased a new stake in shares of Gray Television in the fourth quarter valued at $34,000. Federated Hermes Inc. lifted its position in shares of Gray Television by 214,100.0% in the fourth quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock valued at $40,000 after acquiring an additional 12,846 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Gray Television in the fourth quarter valued at $43,000. RPO LLC acquired a new position in Gray Television in the fourth quarter valued at $46,000. Finally, Pitcairn Co. acquired a new position in Gray Television in the fourth quarter valued at $50,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Gray Television Stock Performance

Shares of NYSE:GTN opened at $3.92 on Friday. The firm has a market capitalization of $398.05 million, a PE ratio of 2.61 and a beta of 1.15. 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 business has a 50-day moving average of $3.90 and a two-hundred day moving average of $3.87. Gray Television, Inc. has a 12 month low of $2.91 and a 12 month high of $6.61.

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

Gray Television Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.32 annualized dividend and a yield of 8.16%. Gray Television’s dividend payout ratio is presently 13.85%.

Insiders Place Their Bets

In other news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the sale, the director now owns 55,347 shares in the company, valued at approximately $213,085.95. This trade represents a 22.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 15.22% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Benchmark dropped their target price on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Guggenheim dropped their target price on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Wells Fargo & Company upped their target price on Gray Television from $4.00 to $4.50 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Finally, Wall Street Zen lowered Gray Television from a “hold” rating to a “sell” rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $6.17.

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.