HighTower Advisors LLC Cuts Stock Holdings in Gray Television, Inc. (NYSE:GTN)

HighTower Advisors LLC reduced its holdings in Gray Television, Inc. (NYSE:GTN) by 25.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 52,250 shares of the company’s stock after selling 17,781 shares during the period. HighTower Advisors LLC owned about 0.05% of Gray Television worth $165,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GTN. Capital Management Corp VA boosted its stake in Gray Television by 6.6% during the fourth quarter. Capital Management Corp VA now owns 5,763,336 shares of the company’s stock worth $18,155,000 after buying an additional 355,067 shares during the last quarter. Barclays PLC boosted its position in shares of Gray Television by 114.4% during the 3rd quarter. Barclays PLC now owns 272,272 shares of the company’s stock valued at $1,460,000 after acquiring an additional 145,263 shares during the last quarter. Kingsview Wealth Management LLC purchased a new stake in shares of Gray Television in the fourth quarter valued at about $340,000. Bank of New York Mellon Corp increased its position in Gray Television by 10.1% during the fourth quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company’s stock worth $3,057,000 after purchasing an additional 89,385 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Gray Television in the third quarter valued at approximately $460,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Television Trading Down 7.0 %

GTN opened at $3.64 on Friday. The firm has a market cap of $369.11 million, a price-to-earnings ratio of 2.42 and a beta of 1.08. Gray Television, Inc. has a 52 week low of $2.91 and a 52 week high of $7.41. The business’s 50 day moving average is $4.09 and its two-hundred day moving average is $4.33. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76.

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

Gray Television Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 8.80%. The ex-dividend date was Friday, March 14th. Gray Television’s payout ratio is 9.61%.

Insider Transactions at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the transaction, the director now owns 55,347 shares in the company, valued at approximately $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in 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 for the company in a research report on Monday, March 3rd. Guggenheim reduced their target price on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Three 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.33.

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.