Gray Television (NYSE:GTN) Reaches New 1-Year Low at $8.51

Gray Television, Inc. (NYSE:GTN – Get Rating)’s share price reached a new 52-week low on Friday . The stock traded as low as $8.51 and last traded at $8.52, with a volume of 275978 shares traded. The stock had previously closed at $8.98.

Analyst Ratings Changes

GTN has been the topic of several research analyst reports. StockNews.com assumed coverage on shares of Gray Television in a research report on Thursday. They issued a “sell” rating on the stock. Guggenheim cut their price target on shares of Gray Television from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, February 28th. Benchmark raised their price objective on shares of Gray Television from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, February 27th. Finally, TheStreet lowered shares of Gray Television from a “b-” rating to a “c” rating in a research report on Thursday, December 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.20.

Gray Television Trading Down 6.9 %

The company has a debt-to-equity ratio of 3.04, a quick ratio of 2.10 and a current ratio of 2.10. The firm has a 50-day moving average of $11.66 and a 200-day moving average of $12.99. The firm has a market capitalization of $776.06 million, a P/E ratio of 1.93 and a beta of 1.61.

Gray Television (NYSE:GTN – Get Rating) last issued its earnings results on Friday, February 24th. The company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.73 by $0.15. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.04 billion. Gray Television had a net margin of 12.38% and a return on equity of 23.67%. The firm’s revenue for the quarter was up 48.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 earnings per share. On average, equities research analysts anticipate that Gray Television, Inc. will post -0.03 EPS for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date is Tuesday, March 14th. Gray Television’s payout ratio is 7.37%.

Insider Transactions at Gray Television

In related news, major shareholder Harriett J. Robinson purchased 68,750 shares of the business’s stock in a transaction that occurred on Monday, December 19th. The shares were acquired at an average price of $17.82 per share, for a total transaction of $1,225,125.00. Following the completion of the acquisition, the insider now directly owns 1,042,217 shares in the company, valued at approximately $18,572,306.94. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Gray Television

Several institutional investors and hedge funds have recently bought and sold shares of GTN. Quadrant Capital Group LLC lifted its position in Gray Television by 4,829.8% during the fourth quarter. Quadrant Capital Group LLC now owns 2,317 shares of the company’s stock valued at $26,000 after buying an additional 2,270 shares during the period. Captrust Financial Advisors boosted its stake in Gray Television by 219.5% during the second quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock worth $26,000 after acquiring an additional 1,069 shares in the last quarter. Lindbrook Capital LLC grew its holdings in Gray Television by 21.7% in the fourth quarter. Lindbrook Capital LLC now owns 6,477 shares of the company’s stock worth $72,000 after purchasing an additional 1,156 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of Gray Television during the first quarter valued at approximately $73,000. Finally, Watershed Asset Management L.L.C. purchased a new position in shares of Gray Television during the third quarter valued at approximately $77,000. 81.33% of the stock is currently owned by hedge funds and other institutional investors.

About Gray Television

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Gray Television, Inc is a television broadcasting company, which engages in owning and operating television stations and digital assets in markets throughout the United States. It operates through the following segments: Broadcasting, and Production Companies. The Broadcasting segment operates television stations located across local markets in the United States.