Alliancebernstein L.P. Has $277,000 Stake in Gray Television, Inc. (NYSE:GTN)

Alliancebernstein L.P. lowered its stake in Gray Television, Inc. (NYSE:GTN) by 7.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 88,050 shares of the company’s stock after selling 7,570 shares during the quarter. Alliancebernstein L.P.’s holdings in Gray Television were worth $277,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GTN. Intech Investment Management LLC raised its holdings in shares of Gray Television by 20.7% during the fourth quarter. Intech Investment Management LLC now owns 32,201 shares of the company’s stock valued at $101,000 after purchasing an additional 5,528 shares during the period. HighTower Advisors LLC boosted its holdings in Gray Television by 10.2% in the third quarter. HighTower Advisors LLC now owns 70,031 shares of the company’s stock worth $374,000 after acquiring an additional 6,480 shares in the last quarter. Rhumbline Advisers grew its stake in 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 acquiring an additional 6,498 shares during the period. Choreo LLC increased its holdings in shares of Gray Television by 60.0% during the fourth quarter. Choreo LLC now owns 26,827 shares of the company’s stock valued at $81,000 after acquiring an additional 10,058 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Gray Television during the third quarter worth approximately $59,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Stock Performance

NYSE GTN opened at $3.21 on Tuesday. The company has a fifty day moving average price of $3.97 and a 200-day moving average price of $4.16. The firm has a market cap of $325.95 million, a price-to-earnings ratio of 2.14 and a beta of 1.08. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. Gray Television, Inc. has a 1 year low of $2.91 and a 1 year high of $7.41.

Gray Television (NYSE:GTN) last issued its quarterly earnings data 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 net margin of 5.69% and a return on equity of 9.60%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. As a group, equities research analysts predict that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors 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 dividend on an annualized basis and a yield of 9.97%. Gray Television’s dividend payout ratio (DPR) is currently 9.61%.

Analysts Set New Price Targets

A number of brokerages have commented on GTN. 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 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 research note on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.33.

Insiders Place Their Bets

In related news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction dated 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 approximately $213,085.95. The trade was a 22.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 15.22% of the company’s stock.

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.