Insider Selling: 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 company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the sale, the director now directly owns 55,347 shares of the company’s stock, valued at $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Gray Television Stock Performance

Shares of GTN stock traded down $0.15 during mid-day trading on Tuesday, reaching $3.55. The stock had a trading volume of 1,486,865 shares, compared to its average volume of 1,370,509. The firm has a market cap of $353.32 million, a PE ratio of 2.36 and a beta of 1.41. Gray Television, Inc. has a one year low of $2.91 and a one year high of $7.41. The firm’s 50 day simple moving average is $3.63 and its 200 day simple moving average is $4.42. 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 issued its earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, meeting the consensus estimate of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. On average, analysts forecast that Gray Television, Inc. will post 3.32 EPS for the current year.

Gray Television Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.32 annualized dividend and a yield of 9.03%. Gray Television’s dividend payout ratio is 9.61%.

Institutional Investors Weigh In On Gray Television

A number of hedge funds and other institutional investors have recently bought and sold shares of GTN. Creative Planning bought a new position in Gray Television in the 3rd quarter worth approximately $56,000. Nisa Investment Advisors LLC raised its holdings in Gray Television by 17,363.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 32,133 shares of the company’s stock worth $172,000 after purchasing an additional 31,949 shares during the last quarter. Capital Management Corp VA raised its holdings in Gray Television by 27.6% during the 3rd quarter. Capital Management Corp VA now owns 5,408,269 shares of the company’s stock worth $28,988,000 after purchasing an additional 1,170,990 shares during the last quarter. Atria Investments Inc lifted its position in Gray Television by 367.2% during the 3rd quarter. Atria Investments Inc now owns 63,901 shares of the company’s stock valued at $343,000 after purchasing an additional 50,223 shares during the period. Finally, Versor Investments LP boosted its stake in shares of Gray Television by 40.7% in the 3rd quarter. Versor Investments LP now owns 22,800 shares of the company’s stock valued at $122,000 after purchasing an additional 6,600 shares during the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.