Gray Television, Inc. (NYSE:GTN) Position Trimmed by ProShare Advisors LLC

ProShare Advisors LLC lessened its holdings in shares of Gray Television, Inc. (NYSE:GTN) by 25.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,323 shares of the company’s stock after selling 3,865 shares during the quarter. ProShare Advisors LLC’s holdings in Gray Television were worth $59,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new stake in Gray Television during the first quarter worth approximately $25,000. nVerses Capital LLC bought a new stake in Gray Television during the second quarter worth approximately $27,000. CWM LLC boosted its position in Gray Television by 733.1% during the second quarter. CWM LLC now owns 7,448 shares of the company’s stock worth $39,000 after purchasing an additional 6,554 shares during the period. HBK Sorce Advisory LLC acquired a new position in shares of Gray Television during the second quarter worth approximately $58,000. Finally, Choreo LLC acquired a new position in shares of Gray Television during the second quarter worth approximately $60,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Television Stock Performance

Shares of NYSE GTN opened at $5.34 on Tuesday. The business has a fifty day simple moving average of $5.04 and a 200 day simple moving average of $5.51. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98. The firm has a market capitalization of $529.40 million, a price-to-earnings ratio of -44.50, a PEG ratio of 0.10 and a beta of 1.49. Gray Television, Inc. has a one year low of $4.15 and a one year high of $10.07.

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

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.99%. The ex-dividend date of this dividend was Friday, September 13th. Gray Television’s payout ratio is presently -266.67%.

Wall Street Analyst Weigh In

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

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.