Gray Television (NYSE:GTN) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Gray Television, Inc. (NYSE:GTN) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.35 and traded as high as $4.72. Gray Television shares last traded at $4.68, with a volume of 2,011,915 shares.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Wells Fargo & Company raised Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 target price for the company in a report on Monday, March 3rd. Guggenheim reduced their price objective 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. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Gray Television currently has an average rating of “Moderate Buy” and a consensus target price of $6.33.

Gray Television Stock Up 4.0 %

The firm has a market capitalization of $520.41 million, a PE ratio of 3.42 and a beta of 1.45. The business’s fifty day moving average price is $3.80 and its 200 day moving average price is $4.35. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Thursday, February 27th. The company reported $1.59 EPS for the quarter, meeting the consensus estimate of $1.59. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. On average, equities research analysts forecast that Gray Television, Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 6.24%. The ex-dividend date of this dividend is Friday, March 14th. Gray Television’s dividend payout ratio is presently 9.61%.

Insider Activity at Gray Television

In other news, Director Richard Lee Boger sold 16,000 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Miller Value Partners LLC lifted its position in Gray Television by 132.1% in the fourth quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company’s stock valued at $10,661,000 after purchasing an additional 1,926,330 shares during the period. Millennium Management LLC lifted its holdings in shares of Gray Television by 903.0% in the 4th quarter. Millennium Management LLC now owns 719,201 shares of the company’s stock valued at $2,265,000 after buying an additional 808,764 shares during the period. Norges Bank acquired a new stake in shares of Gray Television in the 4th quarter valued at approximately $2,170,000. Marshall Wace LLP boosted its stake in shares of Gray Television by 52.6% in the fourth quarter. Marshall Wace LLP now owns 1,161,862 shares of the company’s stock valued at $3,660,000 after buying an additional 400,274 shares in the last quarter. Finally, ExodusPoint Capital Management LP acquired a new position in Gray Television during the fourth quarter worth $1,261,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.