Gray Television (NYSE:GTN) Trading Up 5.9% - Time to Buy?

Gray Television, Inc. (NYSE:GTN - Get Free Report) rose 5.9% during trading on Tuesday . The company traded as high as $4.95 and last traded at $4.95. Approximately 1,403,461 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 1,323,164 shares. The stock had previously closed at $4.67.

Wall Street Analyst Weigh In

GTN has been the topic of a number of research analyst reports. Wells Fargo & Company raised Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price target on the stock in a report on Monday, March 3rd. Guggenheim lowered 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. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.33.

Gray Television Trading Down 3.9 %

The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. The stock has a 50 day simple moving average of $3.90 and a 200-day simple moving average of $4.36. The firm has a market cap of $506.19 million, a P/E ratio of 3.32 and a beta of 1.45.

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 (EPS) for the quarter, hitting analysts' consensus estimates 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 the consensus estimate of $1.04 billion. On average, equities research analysts expect that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

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Gray Television Dividend Announcement

The company also recently disclosed 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. This represents a $0.32 dividend on an annualized basis and a yield of 6.42%. The ex-dividend date is Friday, March 14th. Gray Television's payout ratio is 9.61%.

Insiders Place Their Bets

In other news, Director Richard Lee Boger sold 16,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was 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 of the company's stock, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.80% of the company's stock.

Hedge Funds Weigh In On Gray Television

Large investors have recently modified their holdings of the stock. Voleon Capital Management LP bought a new position in shares of Gray Television during the 4th quarter valued at approximately $32,000. Ameriprise Financial Inc. bought a new position in shares of Gray Television during the 4th quarter valued at approximately $33,000. Boothbay Fund Management LLC bought a new position in shares of Gray Television during the 4th quarter valued at approximately $34,000. Wilmington Savings Fund Society FSB bought a new position in shares of Gray Television during the 3rd quarter valued at approximately $59,000. Finally, MML Investors Services LLC bought a new position in shares of Gray Television during the 3rd quarter valued at approximately $65,000. Institutional investors own 78.64% of the company's stock.

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.