Atria Investments Inc Lowers Position in Gray Television, Inc. (NYSE:GTN)

Atria Investments Inc trimmed its holdings in shares of Gray Television, Inc. (NYSE:GTN) by 12.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,991 shares of the company’s stock after selling 7,910 shares during the period. Atria Investments Inc owned about 0.06% of Gray Television worth $176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Gray Television by 1.9% in the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company’s stock valued at $10,773,000 after acquiring an additional 36,541 shares during the period. Barclays PLC raised its holdings in Gray Television by 114.4% in the third quarter. Barclays PLC now owns 272,272 shares of the company’s stock worth $1,460,000 after purchasing an additional 145,263 shares in the last quarter. Kingsview Wealth Management LLC purchased a new stake in shares of Gray Television during the fourth quarter valued at about $340,000. BNP Paribas Financial Markets boosted its holdings in shares of Gray Television by 109.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 127,497 shares of the company’s stock valued at $683,000 after buying an additional 66,578 shares in the last quarter. Finally, Geode Capital Management LLC grew 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. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on GTN. Wells Fargo & Company raised Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective for the company in a research report on Monday, March 3rd. Guggenheim decreased their price target on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.33.

Insiders Place Their Bets

In related news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the sale, the director now directly owns 55,347 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.80% of the stock is currently owned by company insiders.

Gray Television Stock Performance

NYSE GTN opened at $5.13 on Thursday. The firm has a market capitalization of $520.41 million, a P/E ratio of 3.42 and a beta of 1.45. The stock has a 50-day simple moving average of $3.83 and a two-hundred day simple moving average of $4.35. 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, Inc. has a fifty-two week low of $2.91 and a fifty-two week high of $7.41.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, meeting the consensus estimate of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. On average, equities analysts forecast that Gray Television, Inc. will post 3.32 earnings per share for the current year.

Gray Television Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 6.24%. The ex-dividend date of this dividend is Friday, March 14th. Gray Television’s payout ratio is presently 9.61%.

About Gray Television

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.