Arrowstreet Capital Limited Partnership Sells 120,296 Shares of Gray Television, Inc. (NYSE:GTN)

Arrowstreet Capital Limited Partnership reduced its position in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 21.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 427,894 shares of the company's stock after selling 120,296 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.43% of Gray Television worth $1,348,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in GTN. Capital Management Corp VA raised its holdings in shares of Gray Television by 6.6% in the fourth quarter. Capital Management Corp VA now owns 5,763,336 shares of the company's stock valued at $18,155,000 after buying an additional 355,067 shares during the last quarter. State Street Corp increased its position in Gray Television by 1.9% in 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. Geode Capital Management LLC raised its stake in shares of Gray Television by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company's stock worth $10,568,000 after acquiring an additional 57,481 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Gray Television by 10.1% during the fourth quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company's stock worth $3,057,000 after purchasing an additional 89,385 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Gray Television by 5.5% during the third quarter. Franklin Resources Inc. now owns 696,853 shares of the company's stock worth $3,951,000 after purchasing an additional 36,312 shares in the last quarter. 78.64% of the stock is owned by institutional investors.

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Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Guggenheim dropped their price objective on shares of Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Monday, March 10th. 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. Three research 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.33.

Insider Activity

In related news, Director Richard Lee Boger sold 16,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the transaction, the director now owns 55,347 shares in the company, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.80% of the stock is currently owned by company insiders.

Gray Television Trading Up 0.1 %

GTN stock traded up $0.01 during midday trading on Tuesday, reaching $3.37. The company's stock had a trading volume of 1,036,086 shares, compared to its average volume of 1,412,439. The business's 50-day simple moving average is $4.04 and its 200-day simple moving average is $4.23. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television, Inc. has a 52 week low of $2.91 and a 52 week high of $7.41. The stock has a market cap of $341.69 million, a PE ratio of 2.24 and a beta of 1.08.

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

Gray Television Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.08 per share. The ex-dividend date was Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 9.51%. Gray Television's payout ratio is currently 9.61%.

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.