HighTower Advisors LLC Reduces Stock Position in Gray Television, Inc. (NYSE:GTN)

HighTower Advisors LLC decreased its position in shares of Gray Television, Inc. (NYSE:GTN) by 25.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,250 shares of the company’s stock after selling 17,781 shares during the quarter. HighTower Advisors LLC’s holdings in Gray Television were worth $165,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of GTN. Capital Management Corp VA boosted its position 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 purchasing an additional 355,067 shares in the last quarter. Barclays PLC raised its stake in shares of Gray Television by 114.4% during the 3rd quarter. Barclays PLC now owns 272,272 shares of the company’s stock worth $1,460,000 after buying an additional 145,263 shares during the last quarter. Kingsview Wealth Management LLC purchased a new stake in shares of Gray Television in the 4th quarter worth about $340,000. Bank of New York Mellon Corp increased its holdings in Gray Television by 10.1% during the 4th quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company’s stock valued at $3,057,000 after acquiring an additional 89,385 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Gray Television during the third quarter worth about $460,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction dated 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 owns 55,347 shares of the company’s stock, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.80% of the stock is currently owned by company insiders.

Gray Television Stock Performance

Shares of GTN opened at $3.64 on Friday. The company has a market capitalization of $369.11 million, a price-to-earnings ratio of 2.42 and a beta of 1.08. 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 1 year low of $2.91 and a 1 year high of $7.41. The company’s 50 day simple moving average is $4.09 and its 200 day simple moving average is $4.33.

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

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 8.80%. 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.