Franklin Resources Inc. lessened its stake in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 92.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 53,547 shares of the company's stock after selling 643,306 shares during the period. Franklin Resources Inc. owned about 0.05% of Gray Television worth $169,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. HighTower Advisors LLC grew its position in Gray Television by 10.2% during the third quarter. HighTower Advisors LLC now owns 70,031 shares of the company's stock valued at $374,000 after purchasing an additional 6,480 shares in the last quarter. State Street Corp grew its holdings in shares of Gray Television by 1.9% during the 3rd 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. MML Investors Services LLC acquired a new position in shares of Gray Television in the third quarter worth $65,000. Barclays PLC boosted its position in Gray Television by 114.4% during the third 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 last quarter. Finally, Geode Capital Management LLC grew its stake in Gray Television by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company's stock valued at $10,568,000 after purchasing an additional 57,481 shares in the last quarter. 78.64% of the stock is owned by institutional investors.
Insider Transactions at Gray Television
In other news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction on Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the sale, the director now directly owns 55,347 shares of the company's stock, valued at approximately $213,085.95. This trade represents a 22.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 15.22% of the company's stock.
Gray Television Stock Performance
GTN stock traded down $0.13 during trading on Monday, reaching $3.21. 1,090,132 shares of the stock were exchanged, compared to its average volume of 1,415,103. Gray Television, Inc. has a twelve month low of $2.91 and a twelve month high of $7.41. 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 market capitalization of $325.95 million, a P/E ratio of 2.14 and a beta of 1.08. The stock has a 50 day simple moving average of $3.97 and a 200-day simple moving average of $4.16.
Gray Television (NYSE:GTN - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported $1.59 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 company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. As a group, sell-side analysts anticipate that Gray Television, Inc. will post 3.32 earnings per share for the current year.
Gray Television Announces Dividend
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 is 9.61%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on GTN shares. Wells Fargo & Company upgraded shares of Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price target on the stock in a report on Monday, March 3rd. Guggenheim reduced their price target on Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Three investment 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $6.33.
View Our Latest Stock Report on Gray Television
Gray Television Profile
(
Free Report)
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.
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