Sherbrooke Park Advisers LLC Decreases Stake in Gray Television, Inc. (NYSE:GTN)

Sherbrooke Park Advisers LLC reduced its holdings in shares of Gray Television, Inc. (NYSE:GTN) by 26.4% during the fourth quarter, HoldingsChannel reports. The firm owned 77,954 shares of the company’s stock after selling 27,994 shares during the period. Sherbrooke Park Advisers LLC’s holdings in Gray Television were worth $246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of GTN. Voleon Capital Management LP bought a new position in Gray Television during the 4th quarter valued at about $32,000. Ameriprise Financial Inc. bought a new position in Gray Television during the fourth quarter valued at approximately $33,000. Boothbay Fund Management LLC purchased a new stake in Gray Television in the fourth quarter worth approximately $34,000. Federated Hermes Inc. boosted its holdings in Gray Television by 214,100.0% in 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 during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Gray Television in the 4th quarter worth approximately $43,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GTN shares. Guggenheim lowered their price target on Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Benchmark reduced their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Wells Fargo & Company raised their target price on Gray Television from $4.00 to $4.50 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Finally, StockNews.com downgraded Gray Television from a “hold” rating to a “sell” rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $6.17.

Insiders Place Their Bets

In other 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 transaction, the director now directly owns 55,347 shares of the company’s stock, valued at $213,085.95. The trade was a 22.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 15.22% of the company’s stock.

Gray Television Stock Down 2.5%

Shares of GTN stock opened at $3.94 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television, Inc. has a 12 month low of $2.91 and a 12 month high of $6.64. The stock has a market cap of $400.08 million, a P/E ratio of 2.63 and a beta of 1.15. The company has a 50 day simple moving average of $3.95 and a two-hundred day simple moving average of $3.91.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.26. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The firm had revenue of $782.00 million during the quarter, compared to the consensus estimate of $772.71 million. During the same quarter in the previous year, the firm posted $0.79 EPS. The company’s revenue for the quarter was down 5.0% compared to the same quarter last year. On average, research analysts expect that Gray Television, Inc. will post 3.32 earnings per share for the current year.

Gray Television Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 8.12%. The ex-dividend date of this dividend is Friday, June 13th. Gray Television’s dividend payout ratio is presently 13.85%.

Gray Television 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.