Balyasny Asset Management L.P. Reduces Stock Position in Gray Television, Inc. (NYSE:GTN)

Balyasny Asset Management L.P. decreased its holdings in Gray Television, Inc. (NYSE:GTN) by 56.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,243 shares of the company’s stock after selling 21,006 shares during the period. Balyasny Asset Management L.P.’s holdings in Gray Television were worth $51,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Linden Thomas Advisory Services LLC raised its position in Gray Television by 15.8% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 108,796 shares of the company’s stock valued at $343,000 after purchasing an additional 14,871 shares in the last quarter. Choreo LLC lifted its position in shares of Gray Television by 60.0% in the 4th quarter. Choreo LLC now owns 26,827 shares of the company’s stock worth $81,000 after purchasing an additional 10,058 shares during the period. Kingsview Wealth Management LLC bought a new position in shares of Gray Television during the fourth quarter valued at approximately $340,000. Empowered Funds LLC increased its holdings in Gray Television by 5.2% during the fourth quarter. Empowered Funds LLC now owns 432,686 shares of the company’s stock valued at $1,363,000 after buying an additional 21,237 shares during the period. Finally, Rhumbline Advisers raised its stake in Gray Television by 4.8% in the fourth quarter. Rhumbline Advisers now owns 142,935 shares of the company’s stock worth $450,000 after buying an additional 6,498 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors.

Insider Activity at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of Gray Television 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 15.22% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on GTN shares. StockNews.com lowered Gray Television from a “hold” rating to a “sell” rating in a report on Monday, May 12th. Benchmark decreased their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Wells Fargo & Company lifted their target price on Gray Television from $4.00 to $4.50 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Finally, Guggenheim reduced their target price on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Gray Television has an average rating of “Hold” and a consensus price target of $6.17.

Gray Television Price Performance

NYSE GTN opened at $3.94 on Tuesday. The firm’s fifty day simple moving average is $3.95 and its two-hundred day simple moving average is $3.91. The firm has a market capitalization of $400.08 million, a P/E ratio of 2.63 and a beta of 1.15. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television, Inc. has a 12-month low of $2.91 and a 12-month high of $6.64.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The firm had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $772.71 million. During the same quarter last year, the firm earned $0.79 EPS. The business’s quarterly revenue was down 5.0% on a year-over-year basis. Analysts forecast 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 will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, June 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.12%. Gray Television’s payout ratio is 13.85%.

About Gray Television

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.