ExodusPoint Capital Management LP Purchases Shares of 400,266 Gray Television, Inc. (NYSE:GTN)

ExodusPoint Capital Management LP bought a new stake in shares of Gray Television, Inc. (NYSE:GTN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 400,266 shares of the company's stock, valued at approximately $1,261,000. ExodusPoint Capital Management LP owned approximately 0.40% of Gray Television as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp grew its stake in Gray Television by 1.9% during the third quarter. State Street Corp now owns 2,009,896 shares of the company's stock valued at $10,773,000 after acquiring an additional 36,541 shares in the last quarter. Barclays PLC boosted its holdings in Gray Television by 114.4% in the 3rd quarter. Barclays PLC now owns 272,272 shares of the company's stock valued at $1,460,000 after purchasing an additional 145,263 shares during the period. EntryPoint Capital LLC grew its position in shares of Gray Television by 925.7% during the 4th quarter. EntryPoint Capital LLC now owns 169,670 shares of the company's stock valued at $534,000 after purchasing an additional 153,128 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Gray Television in the fourth quarter worth $324,000. Finally, Kingsview Wealth Management LLC bought a new position in shares of Gray Television in the fourth quarter worth $340,000. 78.64% of the stock is currently owned by institutional investors.

Gray Television Price Performance

GTN stock traded up $0.05 during mid-day trading on Tuesday, hitting $3.41. 299,658 shares of the stock were exchanged, compared to its average volume of 1,409,561. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market capitalization of $345.75 million, a price-to-earnings ratio of 2.27 and a beta of 1.08. The business has a fifty day moving average price of $4.04 and a 200 day moving average price of $4.23. Gray Television, Inc. has a 12 month low of $2.91 and a 12 month high of $7.41.

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

Gray Television Announces Dividend

The firm also recently announced 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. This represents a $0.32 annualized dividend and a dividend yield of 9.40%. The ex-dividend date of this dividend was Friday, March 14th. Gray Television's dividend payout ratio is currently 9.61%.

Insider Buying and Selling

In related news, Director Richard Lee Boger sold 16,000 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the transaction, the director now directly owns 55,347 shares in the company, valued at $213,085.95. This trade represents a 22.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GTN has been the subject of several recent analyst reports. Wells Fargo & Company upgraded Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 target price for the company in a research report on Monday, March 3rd. Guggenheim cut their price objective 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 investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $6.33.

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.