Rhumbline Advisers Boosts Stock Holdings in Gray Television, Inc. (NYSE:GTN)

Rhumbline Advisers increased its position in shares of Gray Television, Inc. (NYSE:GTN) by 2.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 139,642 shares of the company’s stock after buying an additional 3,544 shares during the period. Rhumbline Advisers owned 0.14% of Gray Television worth $726,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GTN. Principal Financial Group Inc. grew its holdings in Gray Television by 23.2% in the fourth quarter. Principal Financial Group Inc. now owns 55,663 shares of the company’s stock valued at $499,000 after purchasing an additional 10,469 shares during the period. Trexquant Investment LP grew its stake in Gray Television by 726.1% in the 4th quarter. Trexquant Investment LP now owns 89,454 shares of the company’s stock valued at $802,000 after acquiring an additional 78,626 shares during the period. Boulder Hill Capital Management LP purchased a new stake in Gray Television in the 4th quarter worth $303,000. Hudson Edge Investment Partners Inc. acquired a new position in Gray Television during the fourth quarter worth $246,000. Finally, CenterBook Partners LP purchased a new position in Gray Television during the fourth quarter valued at $3,671,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Stock Up 2.8 %

GTN stock opened at $5.12 on Wednesday. The company has a market cap of $507.59 million, a price-to-earnings ratio of -42.67, a PEG ratio of 0.09 and a beta of 1.49. The firm has a 50-day moving average of $5.17 and a two-hundred day moving average of $5.54. Gray Television, Inc. has a 12 month low of $4.15 and a 12 month high of $10.07. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $826.00 million for the quarter, compared to analysts’ expectations of $840.33 million. Gray Television had a return on equity of 3.02% and a net margin of 1.84%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.10) EPS. As a group, analysts forecast that Gray Television, Inc. will post 4.97 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.25%. The ex-dividend date is Friday, September 13th. Gray Television’s payout ratio is currently -266.67%.

Analysts Set New Price Targets

Several research firms recently weighed in on GTN. Benchmark reduced their price target on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Wells Fargo & Company reduced their target price on Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a report on Friday, August 9th. Finally, Guggenheim lowered their price target on Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Gray Television presently has an average rating of “Hold” and a consensus target price of $8.33.

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.