Victory Capital Management Inc. Increases Stake in Gray Television, Inc. (NYSE:GTN)

Victory Capital Management Inc. boosted its stake in Gray Television, Inc. (NYSE:GTN) by 463.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 61,846 shares of the company’s stock after purchasing an additional 50,866 shares during the quarter. Victory Capital Management Inc. owned about 0.06% of Gray Television worth $322,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of GTN. Heritage Family Offices LLP acquired a new position in shares of Gray Television in the 2nd quarter valued at $71,000. Rhumbline Advisers boosted its holdings in Gray Television by 2.6% in the second quarter. Rhumbline Advisers now owns 139,642 shares of the company’s stock valued at $726,000 after acquiring an additional 3,544 shares during the last quarter. Versor Investments LP purchased a new stake in Gray Television during the second quarter valued at about $84,000. nVerses Capital LLC acquired a new stake in Gray Television during the second quarter worth about $27,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Gray Television by 9.9% in the 2nd quarter. Principal Financial Group Inc. now owns 61,763 shares of the company’s stock worth $321,000 after purchasing an additional 5,555 shares during the period. Institutional investors and hedge funds own 78.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. Benchmark dropped their price objective on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Guggenheim reduced their target price on shares of Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.33.

Gray Television Stock Performance

Gray Television stock opened at $4.99 on Tuesday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.63 and a current ratio of 1.63. Gray Television, Inc. has a one year low of $4.15 and a one year high of $10.07. The stock’s 50 day moving average price is $5.18 and its 200 day moving average price is $5.55. The firm has a market capitalization of $494.20 million, a PE ratio of -41.54, a price-to-earnings-growth ratio of 0.09 and a beta of 1.49.

Gray Television (NYSE:GTN) last announced its earnings results on Thursday, August 8th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.01). The firm had revenue of $826.00 million during the quarter, compared to analysts’ expectations of $840.33 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. Gray Television’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) earnings per share. As a group, sell-side analysts expect that Gray Television, Inc. will post 4.97 EPS for the current fiscal year.

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 6.42%. Gray Television’s dividend payout ratio is presently -266.67%.

Gray Television Company 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.