Charles Schwab Investment Management Inc. Decreases Stake in Gray Television, Inc. (NYSE:GTN)

Charles Schwab Investment Management Inc. decreased its holdings in Gray Television, Inc. (NYSE:GTN - Free Report) by 27.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,222,550 shares of the company's stock after selling 469,598 shares during the period. Charles Schwab Investment Management Inc. owned about 1.23% of Gray Television worth $3,851,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. State Street Corp lifted its position 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 purchasing an additional 36,541 shares during the period. Geode Capital Management LLC raised 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 buying an additional 57,481 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Gray Television by 10.1% during the 4th quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company's stock valued at $3,057,000 after buying an additional 89,385 shares during the period. Franklin Resources Inc. boosted its stake in shares of Gray Television by 5.5% in the 3rd quarter. Franklin Resources Inc. now owns 696,853 shares of the company's stock worth $3,951,000 after buying an additional 36,312 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Gray Television by 5.2% in the fourth quarter. Empowered Funds LLC now owns 432,686 shares of the company's stock worth $1,363,000 after acquiring an additional 21,237 shares during the period. Hedge funds and other institutional investors own 78.64% of the company's stock.

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Gray Television Stock Performance

Shares of NYSE:GTN traded down $0.11 during mid-day trading on Friday, reaching $4.31. 1,680,297 shares of the company traded hands, compared to its average volume of 1,388,764. The company's 50 day moving average price is $4.03 and its 200-day moving average price is $4.35. The firm has a market cap of $437.14 million, a PE ratio of 2.87 and a beta of 1.45. Gray Television, Inc. has a 52 week low of $2.91 and a 52 week high of $7.41. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13.

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 for the quarter, hitting analysts' consensus estimates 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 net margin of 5.69% and a return on equity of 9.60%. On average, equities analysts expect that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.08 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 7.43%. Gray Television's payout ratio is presently 9.61%.

Insider Buying and Selling at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the sale, the director now owns 55,347 shares in the company, valued at approximately $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GTN shares. Guggenheim reduced their price target 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 raised shares of Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 target price for the company in a report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $6.33.

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.