Gray Television (NYSE:GTN) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Gray Television, Inc. (NYSE:GTN) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $4.35 and traded as high as $4.72. Gray Television shares last traded at $4.68, with a volume of 2,011,915 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Guggenheim cut their price objective on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective on the stock in a research report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.33.

Gray Television Stock Performance

The company has a market cap of $474.71 million, a P/E ratio of 3.12 and a beta of 1.45. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. The stock’s 50-day moving average price is $3.77 and its 200 day moving average price is $4.35.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, meeting analysts’ consensus estimates of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. As a group, research analysts expect that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.84%. The ex-dividend date of this dividend is Friday, March 14th. Gray Television’s dividend payout ratio is 9.61%.

Insider Buying and Selling

In related news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the transaction, the director now owns 55,347 shares of the company’s stock, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Gray Television

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in Gray Television by 122.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 110,170 shares of the company’s stock worth $347,000 after buying an additional 60,618 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in Gray Television during the fourth quarter worth $140,000. Public Employees Retirement System of Ohio boosted its stake in Gray Television by 30.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 14,146 shares of the company’s stock worth $45,000 after buying an additional 3,262 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Gray Television by 49.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 357,198 shares of the company’s stock worth $1,125,000 after buying an additional 117,827 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in Gray Television during the fourth quarter worth $134,000. Institutional investors own 78.64% of the company’s stock.

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.