State Street Corp Raises Stock Position in Gray Television, Inc. (NYSE:GTN)

State Street Corp boosted its position in shares of Gray Television, Inc. (NYSE:GTN) by 1.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,009,896 shares of the company’s stock after buying an additional 36,541 shares during the quarter. State Street Corp owned 2.02% of Gray Television worth $10,773,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in GTN. nVerses Capital LLC purchased a new stake in Gray Television in the second quarter worth about $27,000. Creative Planning acquired a new position in shares of Gray Television during the third quarter worth $56,000. HBK Sorce Advisory LLC purchased a new stake in shares of Gray Television during the 2nd quarter valued at $58,000. Choreo LLC purchased a new stake in shares of Gray Television during the 2nd quarter valued at $60,000. Finally, Heritage Family Offices LLP acquired a new stake in shares of Gray Television in the 2nd quarter worth $71,000. 78.64% of the stock is currently owned by institutional investors.

Insider Transactions at Gray Television

In other Gray Television news, EVP Kevin Paul Latek sold 150,216 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $4.37, for a total value of $656,443.92. Following the completion of the transaction, the executive vice president now directly owns 509,212 shares of the company’s stock, valued at $2,225,256.44. This represents a 22.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 13.83% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Guggenheim lowered their price target on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Barrington Research upgraded Gray Television to a “hold” rating in a research note on Thursday, November 14th. StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Benchmark lowered their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Gray Television presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.67.

Gray Television Price Performance

Gray Television stock opened at $3.12 on Friday. The company has a market cap of $310.96 million, a P/E ratio of 2.08, a price-to-earnings-growth ratio of 0.14 and a beta of 1.36. Gray Television, Inc. has a one year low of $2.91 and a one year high of $10.07. The business has a fifty day moving average of $4.51 and a two-hundred day moving average of $4.95. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13.

Gray Television (NYSE:GTN) last announced its earnings results on Friday, November 8th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The business had revenue of $950.00 million for the quarter, compared to analyst estimates of $967.49 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The business’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.57) EPS. As a group, analysts predict that Gray Television, Inc. will post 2.88 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 10.26%. Gray Television’s payout ratio is 21.33%.

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.