Gray Television, Inc. (NYSE:GTN) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lessened its stake in shares of Gray Television, Inc. (NYSE:GTN) by 27.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,222,550 shares of the company’s stock after selling 469,598 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.23% of Gray Television worth $3,851,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GTN. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Gray Television by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 239,371 shares of the company’s stock worth $1,283,000 after purchasing an additional 2,654 shares during the period. Quadrature Capital Ltd boosted its position in shares of Gray Television by 27.4% during the third quarter. Quadrature Capital Ltd now owns 19,006 shares of the company’s stock worth $102,000 after buying an additional 4,083 shares during the period. HighTower Advisors LLC grew its stake in shares of Gray Television by 10.2% in the third quarter. HighTower Advisors LLC now owns 70,031 shares of the company’s stock valued at $374,000 after buying an additional 6,480 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Gray Television by 4.8% in the fourth quarter. Rhumbline Advisers now owns 142,935 shares of the company’s stock valued at $450,000 after buying an additional 6,498 shares in the last quarter. Finally, Verition Fund Management LLC boosted its holdings in Gray Television by 64.0% during the 3rd quarter. Verition Fund Management LLC now owns 17,480 shares of the company’s stock valued at $94,000 after acquiring an additional 6,824 shares during the period. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total value of $61,600.00. Following the transaction, the director now directly owns 55,347 shares of the company’s stock, valued at $213,085.95. This trade represents a 22.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on GTN shares. Wells Fargo & Company upgraded shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target on the stock in a research note on Monday, March 3rd. Guggenheim cut their target price on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Gray Television currently has an average rating of “Moderate Buy” and a consensus price target of $6.33.

Gray Television Stock Performance

Shares of GTN opened at $4.68 on Thursday. Gray Television, Inc. has a 1 year low of $2.91 and a 1 year high of $7.41. The stock has a market capitalization of $475.42 million, a PE ratio of 3.12 and a beta of 1.45. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a 50-day simple moving average of $3.98 and a 200-day simple moving average of $4.35.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.04 billion. On average, analysts predict that Gray Television, Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.83%. Gray Television’s payout ratio is currently 9.61%.

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.