ProShare Advisors LLC Increases Holdings in Gray Television, Inc. (NYSE:GTN)

ProShare Advisors LLC boosted its stake in Gray Television, Inc. (NYSE:GTN) by 49.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,098 shares of the company’s stock after purchasing an additional 7,929 shares during the period. ProShare Advisors LLC’s holdings in Gray Television were worth $76,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Voleon Capital Management LP acquired a new stake in Gray Television in the 4th quarter valued at $32,000. Ameriprise Financial Inc. purchased a new position in Gray Television in the 4th quarter valued at about $33,000. Boothbay Fund Management LLC purchased a new position in Gray Television in the 4th quarter valued at about $34,000. Federated Hermes Inc. boosted its position in Gray Television by 214,100.0% in the 4th quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock valued at $40,000 after buying an additional 12,846 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Gray Television in the 4th quarter valued at about $43,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Gray Television Trading Up 3.6%

Gray Television stock opened at $4.00 on Wednesday. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market cap of $406.17 million, a price-to-earnings ratio of 2.67 and a beta of 1.15. Gray Television, Inc. has a 1 year low of $2.91 and a 1 year high of $6.61. The firm’s 50 day moving average price is $3.78 and its two-hundred day moving average price is $3.84.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $772.71 million. During the same quarter in the previous year, the business posted $0.79 earnings per share. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year. On average, research analysts predict that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Announces Dividend

The business also recently announced 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.00%. The ex-dividend date of this dividend is Friday, June 13th. Gray Television’s dividend payout ratio (DPR) is currently 13.85%.

Analyst Upgrades and Downgrades

GTN has been the subject of a number of analyst reports. Benchmark decreased 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 Tuesday, May 6th. Guggenheim reduced 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 report on Monday, March 10th. Wall Street Zen cut shares of Gray Television from a “hold” rating to a “sell” rating in a research report on Monday, May 12th. Finally, Wells Fargo & Company increased their price target on shares of Gray Television from $4.00 to $4.50 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Gray Television has a consensus rating of “Hold” and an average target price of $6.17.

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.