Gray Television, Inc. (NYSE:GTN) Short Interest Down 18.0% in March

Gray Television, Inc. (NYSE:GTN) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 3,380,000 shares, a decline of 18.0% from the March 15th total of 4,120,000 shares. Based on an average trading volume of 1,590,000 shares, the short-interest ratio is presently 2.1 days. Currently, 4.0% of the shares of the company are sold short.

Gray Television Price Performance

NYSE GTN traded down $0.13 during mid-day trading on Monday, hitting $3.21. The stock had a trading volume of 1,090,132 shares, compared to its average volume of 1,415,103. The stock has a market capitalization of $325.95 million, a price-to-earnings ratio of 2.14 and a beta of 1.08. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. The firm’s 50 day moving average is $3.98 and its 200 day moving average is $4.18. Gray Television has a twelve month low of $2.91 and a twelve month high of $7.41.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, meeting analysts’ consensus estimates of $1.59. The company 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%. Equities research analysts forecast that Gray Television will post 3.32 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.08 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.32 annualized dividend and a yield of 9.97%. Gray Television’s dividend payout ratio (DPR) is 9.61%.

Analysts Set New Price Targets

A number of brokerages have recently commented on GTN. Guggenheim dropped their price objective on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Wells Fargo & Company upgraded 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 report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $6.33.

Insider Buying and Selling at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the transaction, the director now owns 55,347 shares in the company, valued at approximately $213,085.95. This trade represents a 22.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 15.22% of the company’s stock.

Institutional Investors Weigh In On Gray Television

Large investors have recently modified their holdings of the company. Voleon Capital Management LP purchased a new stake in Gray Television during the 4th quarter worth about $32,000. Ameriprise Financial Inc. purchased a new stake in Gray Television during the fourth quarter worth approximately $33,000. Boothbay Fund Management LLC acquired a new position in Gray Television in the fourth quarter valued at approximately $34,000. Harbor Capital Advisors Inc. increased its stake in Gray Television by 157.6% in the first quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company’s stock valued at $38,000 after purchasing an additional 5,355 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in Gray Television by 214,100.0% during the fourth quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock worth $40,000 after purchasing an additional 12,846 shares in the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

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.