Gray Television (NYSE:GTN) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Shares of Gray Television, Inc. (NYSE:GTN) passed 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 trading hands.

Analyst Ratings Changes

A number of brokerages recently commented on GTN. Guggenheim lowered their target price on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, March 10th. Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective for the company in a research note on Monday, March 3rd. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.33.

Gray Television Price Performance

The company has a 50 day moving average of $3.80 and a 200 day moving average of $4.35. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $520.41 million, a price-to-earnings ratio of 3.42 and a beta of 1.45.

Gray Television (NYSE:GTN) last released its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. As a group, equities research analysts anticipate that Gray Television, Inc. will post 3.32 EPS for the current year.

Gray Television Dividend Announcement

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

Insider Transactions at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the firm’s 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 sale, the director now directly owns 55,347 shares in the company, valued at $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GTN. Capital Management Corp VA lifted its stake in Gray Television by 6.6% during the fourth quarter. Capital Management Corp VA now owns 5,763,336 shares of the company’s stock worth $18,155,000 after purchasing an additional 355,067 shares during the last quarter. Miller Value Partners LLC raised its holdings in Gray Television by 132.1% during the fourth quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company’s stock worth $10,661,000 after purchasing an additional 1,926,330 shares in the last quarter. State Street Corp lifted its position in shares of Gray Television by 1.9% during the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company’s stock worth $10,773,000 after buying an additional 36,541 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Gray Television by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company’s stock valued at $10,568,000 after buying an additional 57,481 shares in the last quarter. Finally, Marshall Wace LLP grew its position in shares of Gray Television by 52.6% in the 4th 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 during the last quarter. 78.64% of the stock is 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.