Gray Television, Inc. (NYSE:GTN) Director Richard Lee Boger Sells 16,000 Shares

Gray Television, Inc. (NYSE:GTN - Get Free Report) Director Richard Lee Boger sold 16,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Gray Television Stock Performance

NYSE:GTN traded up $0.13 during midday trading on Friday, hitting $3.75. The company's stock had a trading volume of 1,878,596 shares, compared to its average volume of 1,378,402. Gray Television, Inc. has a fifty-two week low of $2.91 and a fifty-two week high of $7.41. The firm's 50 day moving average is $3.65 and its 200-day moving average is $4.40. 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 firm has a market cap of $373.25 million, a P/E ratio of 2.50 and a beta of 1.41.

Gray Television (NYSE:GTN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, hitting the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.04 billion. Equities analysts anticipate that Gray Television, Inc. will post 3.32 earnings per share for the current fiscal year.

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Gray Television Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.08 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.32 annualized dividend and a yield of 8.54%. Gray Television's dividend payout ratio (DPR) is presently 9.61%.

Wall Street Analysts Forecast Growth

Several research firms have commented on GTN. StockNews.com raised shares of Gray Television from a "sell" rating to a "hold" rating in a research report on Monday, November 11th. Guggenheim decreased their price objective on shares of Gray Television from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Tuesday, November 12th. Wells Fargo & Company raised shares of Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price objective for the company in a research report on Monday, March 3rd. Barrington Research raised shares of Gray Television to a "hold" rating in a research report on Thursday, November 14th. Finally, Benchmark decreased their price objective 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. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Gray Television has a consensus rating of "Moderate Buy" and an average target price of $6.67.

Institutional Investors Weigh In On Gray Television

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning acquired a new stake in Gray Television in the 3rd quarter valued at $56,000. Nisa Investment Advisors LLC lifted its holdings in Gray Television by 17,363.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 32,133 shares of the company's stock valued at $172,000 after purchasing an additional 31,949 shares in the last quarter. Capital Management Corp VA lifted its holdings in Gray Television by 27.6% in the 3rd quarter. Capital Management Corp VA now owns 5,408,269 shares of the company's stock valued at $28,988,000 after purchasing an additional 1,170,990 shares in the last quarter. Atria Investments Inc lifted its holdings in Gray Television by 367.2% in the 3rd quarter. Atria Investments Inc now owns 63,901 shares of the company's stock valued at $343,000 after purchasing an additional 50,223 shares in the last quarter. Finally, Versor Investments LP lifted its holdings in Gray Television by 40.7% in the 3rd quarter. Versor Investments LP now owns 22,800 shares of the company's stock valued at $122,000 after purchasing an additional 6,600 shares in the last quarter. Institutional investors and hedge funds own 78.64% 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.