Gray Television, Inc. (NYSE:GTN) Director Sells $61,600.00 in Stock

Gray Television, Inc. (NYSE:GTN) Director Richard Lee Boger sold 16,000 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $3.85, for a total value 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 Securities & Exchange Commission, which is accessible through the SEC website.

Gray Television Price Performance

Shares of Gray Television stock opened at $3.63 on Friday. Gray Television, Inc. has a twelve month low of $2.91 and a twelve month high of $7.41. The stock has a market capitalization of $361.29 million, a P/E ratio of 2.42 and a beta of 1.41. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. The business’s fifty day moving average price is $3.64 and its 200 day moving average price is $4.41.

Gray Television (NYSE:GTN) last issued its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.04 billion. As a group, research analysts anticipate that Gray Television, Inc. will post 3.32 earnings per share for the current year.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 8.83%. The ex-dividend date of this dividend is Friday, March 14th. Gray Television’s dividend payout ratio (DPR) is presently 9.61%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GTN. Voleon Capital Management LP purchased a new position in Gray Television in the fourth quarter valued at about $32,000. Ameriprise Financial Inc. purchased a new position in Gray Television in the fourth quarter valued at about $33,000. Boothbay Fund Management LLC purchased a new position in Gray Television in the fourth quarter valued at about $34,000. Federated Hermes Inc. raised its position in 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 purchasing an additional 12,846 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in Gray Television in the fourth quarter valued at about $43,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on GTN. Wells Fargo & Company raised Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target on the stock in a research note on Monday. Benchmark reduced their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Barrington Research raised Gray Television to a “hold” rating in a research note on Thursday, November 14th. Guggenheim cut their target price on Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Finally, StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.67.

Gray Television Company 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.