Gray Television (NYSE:GTN) Stock Crosses Above Two Hundred Day Moving Average - Time to Sell?

Gray Television, Inc. (NYSE:GTN - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.35 and traded as high as $4.72. Gray Television shares last traded at $4.68, with a volume of 2,011,915 shares.

Wall Street Analysts Forecast Growth

GTN has been the topic of several recent research reports. Guggenheim cut their price target on Gray Television from $8.00 to $7.00 and set a "buy" rating on the stock in a 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 on the stock in a research note on Monday, March 3rd. Three equities 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 stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $6.33.

Gray Television Stock Performance

The firm has a market capitalization of $506.19 million, a price-to-earnings ratio of 3.32 and a beta of 1.45. The company has a 50-day moving average price of $3.87 and a 200-day moving average price of $4.36. 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 (NYSE:GTN - Get Free Report) last announced 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 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, equities research analysts forecast that Gray Television, Inc. will post 3.32 earnings per share for the current year.

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Gray Television Announces Dividend

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

Insiders Place Their Bets

In related news, Director Richard Lee Boger sold 16,000 shares of the firm'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 transaction, the director now owns 55,347 shares in the company, valued at $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Gray Television

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTN. Miller Value Partners LLC lifted its holdings in shares of Gray Television by 132.1% in the fourth quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company's stock valued at $10,661,000 after buying an additional 1,926,330 shares during the period. Millennium Management LLC raised its position in Gray Television by 903.0% in the fourth quarter. Millennium Management LLC now owns 719,201 shares of the company's stock worth $2,265,000 after acquiring an additional 808,764 shares in the last quarter. Norges Bank acquired a new stake in Gray Television in the 4th quarter valued at about $2,170,000. Marshall Wace LLP lifted its holdings in Gray Television by 52.6% in the 4th quarter. Marshall Wace LLP now owns 1,161,862 shares of the company's stock valued at $3,660,000 after acquiring an additional 400,274 shares during the last quarter. Finally, ExodusPoint Capital Management LP bought a new position in shares of Gray Television during the 4th quarter valued at about $1,261,000. 78.64% of the stock is owned by institutional investors.

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.