Jennison Associates LLC Buys 4,639 Shares of Gray Television, Inc. (NYSE:GTN)

Jennison Associates LLC grew its stake in shares of Gray Television, Inc. (NYSE:GTN) by 5.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,871 shares of the company’s stock after acquiring an additional 4,639 shares during the quarter. Jennison Associates LLC owned about 0.10% of Gray Television worth $859,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of GTN. Darsana Capital Partners LP boosted its position in shares of Gray Television by 336.8% during the third quarter. Darsana Capital Partners LP now owns 4,000,441 shares of the company’s stock valued at $27,683,000 after buying an additional 3,084,578 shares during the last quarter. Capital Management Corp VA boosted its position in shares of Gray Television by 27.2% during the fourth quarter. Capital Management Corp VA now owns 3,094,883 shares of the company’s stock valued at $27,730,000 after buying an additional 661,760 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Gray Television by 23.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,060,987 shares of the company’s stock valued at $14,262,000 after buying an additional 386,907 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Gray Television by 96.4% during the third quarter. Federated Hermes Inc. now owns 729,072 shares of the company’s stock valued at $5,045,000 after buying an additional 357,833 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Gray Television during the third quarter valued at $1,693,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Gray Television Stock Down 2.8 %

NYSE GTN opened at $5.61 on Friday. The stock’s 50-day moving average price is $6.04 and its 200-day moving average price is $7.39. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.12. Gray Television, Inc. has a 52 week low of $5.44 and a 52 week high of $10.69. The company has a market capitalization of $545.29 million, a P/E ratio of -4.04, a price-to-earnings-growth ratio of 0.15 and a beta of 1.57.

Gray Television (NYSE:GTN) last issued its earnings results on Friday, February 23rd. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business had revenue of $864.00 million for the quarter, compared to the consensus estimate of $863.31 million. Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The firm’s revenue for the quarter was down 19.4% compared to the same quarter last year. During the same period last year, the business posted $1.88 EPS. On average, equities research analysts predict that Gray Television, Inc. will post 3.78 earnings per share for the current year.

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.70%. The ex-dividend date of this dividend was Thursday, March 14th. Gray Television’s dividend payout ratio (DPR) is presently -23.02%.

Insider Activity at Gray Television

In other news, CEO Hilton H. Howell, Jr. acquired 10,000 shares of Gray Television stock in a transaction on Thursday, March 28th. The shares were acquired at an average price of $8.09 per share, with a total value of $80,900.00. Following the purchase, the chief executive officer now directly owns 2,982,386 shares in the company, valued at approximately $24,127,502.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Wells Fargo & Company increased their price objective on Gray Television from $6.00 to $7.00 and gave the company an “underweight” rating in a research report on Friday, February 9th. Barrington Research reaffirmed a “market perform” rating on shares of Gray Television in a research report on Tuesday, February 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.80.

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.