Bank of New York Mellon Corp Has $3.06 Million Stock Holdings in Gray Television, Inc. (NYSE:GTN)

Bank of New York Mellon Corp boosted its holdings in Gray Television, Inc. (NYSE:GTN - Free Report) by 10.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 970,615 shares of the company's stock after acquiring an additional 89,385 shares during the quarter. Bank of New York Mellon Corp owned 0.97% of Gray Television worth $3,057,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in GTN. State Street Corp boosted its stake in 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 purchasing an additional 36,541 shares in the last quarter. Barclays PLC boosted its stake in Gray Television by 114.4% during 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 in the last quarter. Kingsview Wealth Management LLC bought a new position in Gray Television during the 4th quarter valued at $340,000. BNP Paribas Financial Markets boosted its stake in Gray Television by 109.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 127,497 shares of the company's stock valued at $683,000 after purchasing an additional 66,578 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Gray Television by 3.0% during the 3rd 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 currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

GTN has been the subject of a number of research reports. Wells Fargo & Company raised Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price target for the company in a research note on Monday, March 3rd. Guggenheim decreased their price target on Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Three 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $6.33.

Gray Television Price Performance

Shares of GTN traded down $0.21 during trading hours on Friday, hitting $4.99. 5,310,295 shares of the company were exchanged, compared to its average volume of 1,349,978. The company has a market capitalization of $506.19 million, a PE ratio of 3.32 and a beta of 1.45. 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 fifty day simple moving average of $3.90 and a 200-day simple moving average of $4.35. Gray Television, Inc. has a one year low of $2.91 and a one year high of $7.41.

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

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 6.42%. The ex-dividend date is Friday, March 14th. Gray Television's dividend payout ratio is presently 9.61%.

Insider Transactions at Gray Television

In other news, Director Richard Lee Boger sold 16,000 shares of the firm's 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 owns 55,347 shares of the company's stock, valued at $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 4.80% of the stock is currently owned by insiders.

Gray Television 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.