Gray Television (NYSE:GTN) Shares Gap Up to $6.66

Gray Television, Inc. (NYSE:GTN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $6.66, but opened at $6.97. Gray Television shares last traded at $7.14, with a volume of 215,627 shares.

Analyst Ratings Changes

Several analysts recently weighed in on GTN shares. Wells Fargo & Company increased their target price on Gray Television from $6.00 to $7.00 and gave the company an “underweight” rating in a research note on Friday, February 9th. Barrington Research reaffirmed a “market perform” rating on shares of Gray Television in a research report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Gray Television currently has a consensus rating of “Hold” and a consensus target price of $12.80.

Gray Television Trading Up 2.1 %

The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.12. The stock has a market cap of $660.96 million, a P/E ratio of -5.14, a price-to-earnings-growth ratio of 0.15 and a beta of 1.55. The business’s fifty day simple moving average is $5.89 and its 200 day simple moving average is $7.39.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Friday, February 23rd. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The company had revenue of $864.00 million for the quarter, compared to the consensus estimate of $863.31 million. During the same period last year, the company earned $1.88 earnings per share. Gray Television’s revenue for the quarter was down 19.4% compared to the same quarter last year. As a group, analysts expect that Gray Television, Inc. will post 4.21 EPS for the current year.

Gray Television Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.71%. The ex-dividend date of this dividend was Thursday, March 14th. Gray Television’s dividend payout ratio (DPR) is presently -23.02%.

Insider Activity at Gray Television

In other Gray Television news, CEO Hilton H. Howell, Jr. acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were acquired at an average cost of $8.09 per share, for a total transaction of $80,900.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,982,386 shares of the company’s stock, valued at approximately $24,127,502.74. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Gray Television

A number of institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC acquired a new position in shares of Gray Television during the 1st quarter worth about $2,010,000. BNP Paribas Financial Markets increased its stake in Gray Television by 168.1% in the first quarter. BNP Paribas Financial Markets now owns 67,101 shares of the company’s stock valued at $424,000 after purchasing an additional 42,075 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Gray Television in the first quarter worth $25,000. Arcadia Investment Management Corp MI boosted its position in shares of Gray Television by 84.7% during the first quarter. Arcadia Investment Management Corp MI now owns 124,935 shares of the company’s stock worth $790,000 after purchasing an additional 57,282 shares in the last quarter. Finally, Tributary Capital Management LLC increased its position in shares of Gray Television by 6.5% in the 1st quarter. Tributary Capital Management LLC now owns 1,324,621 shares of the company’s stock valued at $8,372,000 after buying an additional 80,555 shares in the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

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.