Gray Television, Inc. (NYSE:GTN) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lessened its stake in Gray Television, Inc. (NYSE:GTN) by 37.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,000 shares of the company’s stock after selling 12,133 shares during the period. Nisa Investment Advisors LLC’s holdings in Gray Television were worth $63,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in GTN. Franklin Resources Inc. raised its stake in Gray Television by 5.5% during the third quarter. Franklin Resources Inc. now owns 696,853 shares of the company’s stock valued at $3,951,000 after buying an additional 36,312 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Gray Television during the 3rd quarter valued at approximately $59,000. Sanctuary Advisors LLC raised its position in shares of Gray Television by 15.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 180,677 shares of the company’s stock valued at $968,000 after acquiring an additional 23,551 shares in the last quarter. Barclays PLC increased its stake in Gray Television by 114.4% during the third quarter. Barclays PLC now owns 272,272 shares of the company’s stock valued at $1,460,000 after purchasing an additional 145,263 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Gray Television by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company’s stock worth $10,568,000 after buying an additional 57,481 shares during the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Television Stock Performance

Shares of GTN stock opened at $3.74 on Friday. Gray Television, Inc. has a 12-month low of $2.91 and a 12-month high of $9.95. 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 has a market capitalization of $372.77 million, a price-to-earnings ratio of 2.49 and a beta of 1.39. The business has a 50 day simple moving average of $3.60 and a 200 day simple moving average of $4.66.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Friday, November 8th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.08). Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The business had revenue of $950.00 million during the quarter, compared to the consensus estimate of $967.49 million. During the same period in the previous year, the company posted ($0.57) EPS. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, equities research analysts anticipate that Gray Television, Inc. will post 3.06 EPS for the current year.

Gray Television Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.56%. The ex-dividend date of this dividend was Friday, December 13th. Gray Television’s dividend payout ratio is currently 21.33%.

Insider Activity

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 sale, the executive vice president now directly owns 509,212 shares of the company’s stock, valued at approximately $2,225,256.44. This represents a 22.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GTN shares. Barrington Research upgraded Gray Television to a “hold” rating in a research note on Thursday, November 14th. StockNews.com raised Gray Television from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Benchmark lowered their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Finally, Guggenheim cut their target price on Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. One 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $6.67.

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.