Victory Capital Management Inc. trimmed its stake in Gray Television, Inc. (NYSE:GTN – Get Rating) by 2.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,228,445 shares of the company’s stock after selling 25,811 shares during the period. Victory Capital Management Inc.’s holdings in Gray Television were worth $17,591,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Unison Advisors LLC raised its position in shares of Gray Television by 32.8% in the 3rd quarter. Unison Advisors LLC now owns 34,133 shares of the company’s stock worth $489,000 after acquiring an additional 8,424 shares in the last quarter. HGK Asset Management Inc. raised its position in shares of Gray Television by 10.5% in the 3rd quarter. HGK Asset Management Inc. now owns 41,122 shares of the company’s stock worth $589,000 after acquiring an additional 3,898 shares in the last quarter. US Bancorp DE raised its position in shares of Gray Television by 22.3% in the 2nd quarter. US Bancorp DE now owns 20,806 shares of the company’s stock worth $351,000 after acquiring an additional 3,792 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Gray Television in the 2nd quarter worth $229,000. Finally, SG Americas Securities LLC raised its position in shares of Gray Television by 75.9% in the 2nd quarter. SG Americas Securities LLC now owns 9,437 shares of the company’s stock worth $159,000 after acquiring an additional 4,072 shares in the last quarter. 81.33% of the stock is owned by institutional investors.
Insider Activity
In related news, Director D Patrick Laplatney acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, November 10th. The stock was acquired at an average price of $9.99 per share, with a total value of $99,900.00. Following the acquisition, the director now directly owns 462,639 shares in the company, valued at approximately $4,621,763.61. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Gray Television news, major shareholder Harriett J. Robinson purchased 68,750 shares of Gray Television stock in a transaction that occurred on Monday, December 19th. The stock was bought at an average price of $17.82 per share, with a total value of $1,225,125.00. Following the acquisition, the insider now owns 1,042,217 shares of the company’s stock, valued at approximately $18,572,306.94. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director D Patrick Laplatney purchased 10,000 shares of Gray Television stock in a transaction that occurred on Thursday, November 10th. The stock was acquired at an average cost of $9.99 per share, with a total value of $99,900.00. Following the acquisition, the director now directly owns 462,639 shares in the company, valued at approximately $4,621,763.61. The disclosure for this purchase can be found here. Insiders purchased a total of 85,950 shares of company stock valued at $1,397,745 in the last quarter. 4.80% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several brokerages recently weighed in on GTN. TheStreet downgraded Gray Television from a “b-” rating to a “c” rating in a research note on Thursday, December 8th. Barrington Research dropped their target price on Gray Television from $25.00 to $15.00 in a research note on Thursday, November 10th. Stephens dropped their target price on Gray Television from $18.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Monday, November 7th. StockNews.com downgraded Gray Television from a “hold” rating to a “sell” rating in a research note on Tuesday, December 20th. Finally, Wells Fargo & Company downgraded Gray Television from an “overweight” rating to an “underweight” rating and dropped their target price for the stock from $25.00 to $7.00 in a research note on Wednesday, November 9th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $17.20.
Gray Television Stock Up 2.3 %
Gray Television stock opened at $12.25 on Thursday. The company has a market cap of $1.14 billion, a PE ratio of 4.66, a PEG ratio of 1.95 and a beta of 1.57. The business’s 50-day simple moving average is $11.31 and its two-hundred day simple moving average is $14.83. The company has a debt-to-equity ratio of 3.41, a quick ratio of 2.09 and a current ratio of 2.09. Gray Television, Inc. has a fifty-two week low of $8.61 and a fifty-two week high of $24.81.
Gray Television (NYSE:GTN – Get Rating) last issued its quarterly earnings data on Friday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.38). The company had revenue of $909.00 million during the quarter, compared to analyst estimates of $950.70 million. Gray Television had a net margin of 8.96% and a return on equity of 16.26%. Equities analysts anticipate that Gray Television, Inc. will post 4.18 EPS for the current year.
Gray Television Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Thursday, December 15th were issued a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $0.32 annualized dividend and a dividend yield of 2.61%. Gray Television’s dividend payout ratio (DPR) is presently 12.17%.
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, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.
See Also
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