Gray Television, Inc. (NYSE:GTN) Short Interest Update

Gray Television, Inc. (NYSE:GTN - Get Free Report) was the target of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 3,690,000 shares, a decline of 19.3% from the February 13th total of 4,570,000 shares. Approximately 4.4% of the shares of the company are sold short. Based on an average daily volume of 1,470,000 shares, the days-to-cover ratio is presently 2.5 days.

Insider Buying and Selling at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of Gray Television 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 of the company's stock, valued at $213,085.95. The trade was a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Gray Television

Large investors have recently bought and sold shares of the company. Voleon Capital Management LP acquired a new position in Gray Television in the 4th quarter valued at $32,000. Ameriprise Financial Inc. purchased a new stake in Gray Television during the 4th quarter valued at about $33,000. Boothbay Fund Management LLC acquired a new position in shares of Gray Television during the 4th quarter worth approximately $34,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Gray Television in the third quarter valued at approximately $59,000. Finally, MML Investors Services LLC purchased a new position in Gray Television during the third quarter worth approximately $65,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

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Gray Television Price Performance

Shares of Gray Television stock traded down $0.21 during trading hours on Friday, reaching $4.99. The stock had a trading volume of 1,593,925 shares, compared to its average volume of 1,341,982. The stock's 50 day moving average is $3.87 and its 200 day moving average is $4.36. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television has a twelve month low of $2.91 and a twelve month high of $7.41. The firm has a market capitalization of $506.19 million, a PE ratio of 3.33 and a beta of 1.45.

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 (EPS) for the quarter, hitting analysts' consensus estimates of $1.59. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. Equities analysts expect that Gray Television will post 3.32 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

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

Analysts Set New Price Targets

A number of 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 objective on the stock in a research note on Monday, March 3rd. Guggenheim reduced their price objective 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 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. According to data from MarketBeat, Gray Television presently has an average rating of "Moderate Buy" and a consensus target price of $6.33.

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.