Charles Schwab Investment Management Inc. Sells 473,096 Shares of Gray Television, Inc. (NYSE:GTN)

Charles Schwab Investment Management Inc. lowered its position in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 21.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,692,148 shares of the company's stock after selling 473,096 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.70% of Gray Television worth $9,070,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of GTN. Price T Rowe Associates Inc. MD grew its holdings in shares of Gray Television by 3.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 91,405 shares of the company's stock worth $578,000 after acquiring an additional 3,068 shares during the last quarter. CWM LLC increased its stake in Gray Television by 733.1% in the 2nd quarter. CWM LLC now owns 7,448 shares of the company's stock worth $39,000 after purchasing an additional 6,554 shares in the last quarter. Diversified Trust Co raised its holdings in Gray Television by 13.7% during the 2nd quarter. Diversified Trust Co now owns 25,633 shares of the company's stock worth $133,000 after buying an additional 3,097 shares during the period. Dakota Wealth Management lifted its stake in Gray Television by 34.5% during the second quarter. Dakota Wealth Management now owns 14,753 shares of the company's stock valued at $77,000 after buying an additional 3,781 shares in the last quarter. Finally, Tributary Capital Management LLC boosted its holdings in shares of Gray Television by 0.8% in the second quarter. Tributary Capital Management LLC now owns 1,334,714 shares of the company's stock worth $6,941,000 after buying an additional 10,093 shares during the period. Institutional investors own 78.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GTN shares. Guggenheim reduced their target price on Gray Television from $10.00 to $8.00 and set a "buy" rating for the company in a report on Tuesday, November 12th. StockNews.com raised Gray Television from a "sell" rating to a "hold" rating in a research note on Monday, November 11th. Benchmark reduced their price target on shares of Gray Television from $11.00 to $8.00 and set a "buy" rating for the company in a research report on Monday, November 11th. Finally, Barrington Research raised shares of Gray Television to a "hold" rating in a research report on Thursday, November 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $6.67.

Gray Television Stock Performance

GTN traded down $0.38 during trading on Wednesday, hitting $3.99. The stock had a trading volume of 1,491,150 shares, compared to its average volume of 1,269,737. The firm has a market cap of $397.68 million, a PE ratio of 2.92, a P/E/G ratio of 0.14 and a beta of 1.36. Gray Television, Inc. has a 12 month low of $3.95 and a 12 month high of $10.07. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. The company has a 50 day simple moving average of $5.03 and a 200-day simple moving average of $5.15.

Gray Television (NYSE:GTN - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.08). The business had revenue of $950.00 million during the quarter, compared to the consensus estimate of $967.49 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The business's quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.57) earnings per share. Analysts expect that Gray Television, Inc. will post 2.88 EPS for the current year.

Gray Television Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 8.02%. Gray Television's dividend payout ratio is 21.33%.

Insider Activity at Gray Television

In related news, EVP Kevin Paul Latek sold 150,216 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $4.37, for a total value of $656,443.92. Following the sale, the executive vice president now owns 509,212 shares of the company's stock, valued at $2,225,256.44. The trade was a 22.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 13.83% of the company's stock.

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.