Gray Television (NYSE:GTN) Stock Price Up 5.9% – What’s Next?

Gray Television, Inc. (NYSE:GTN) shot up 5.9% on Tuesday . The company traded as high as $4.95 and last traded at $4.95. 1,403,461 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 1,323,164 shares. The stock had previously closed at $4.67.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GTN. 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, March 3rd. Guggenheim dropped their price target on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.33.

Gray Television Price Performance

The business’s 50 day moving average is $3.83 and its 200-day moving average is $4.35. The firm has a market capitalization of $526.50 million, a P/E ratio of 3.46 and a beta of 1.45. 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 announced its quarterly earnings data on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.59. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. As a group, sell-side analysts predict that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Dividend Announcement

The business also recently announced 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 is Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.17%. Gray Television’s payout ratio is presently 9.61%.

Insiders Place Their Bets

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction on 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 owns 55,347 shares of the company’s stock, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.80% of the company’s stock.

Institutional Trading of Gray Television

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp grew its stake in shares of Gray Television by 1.9% during the third 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. Barclays PLC grew its stake in shares of Gray Television by 114.4% in the third quarter. Barclays PLC now owns 272,272 shares of the company’s stock worth $1,460,000 after purchasing an additional 145,263 shares during the last quarter. Kingsview Wealth Management LLC bought a new stake in shares of Gray Television in the fourth quarter worth $340,000. Capital Management Corp VA grew its stake in shares of Gray Television by 6.6% in 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. Finally, BNP Paribas Financial Markets grew its stake in shares of Gray Television by 109.3% in the third quarter. BNP Paribas Financial Markets now owns 127,497 shares of the company’s stock worth $683,000 after purchasing an additional 66,578 shares during the last quarter. Institutional investors own 78.64% of the company’s stock.

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.