Norges Bank Purchases Shares of 688,900 Gray Television, Inc. (NYSE:GTN)

Norges Bank bought a new stake in shares of Gray Television, Inc. (NYSE:GTN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 688,900 shares of the company's stock, valued at approximately $2,170,000. Norges Bank owned 0.69% of Gray Television at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in GTN. BNP Paribas Financial Markets boosted its position in Gray Television by 109.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 127,497 shares of the company's stock worth $683,000 after purchasing an additional 66,578 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Gray Television by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 239,371 shares of the company's stock valued at $1,283,000 after buying an additional 2,654 shares during the period. Verition Fund Management LLC increased its holdings in Gray Television by 64.0% in the third quarter. Verition Fund Management LLC now owns 17,480 shares of the company's stock valued at $94,000 after buying an additional 6,824 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Gray Television by 10.2% in the third quarter. HighTower Advisors LLC now owns 70,031 shares of the company's stock worth $374,000 after acquiring an additional 6,480 shares during the period. Finally, Quantinno Capital Management LP purchased a new stake in shares of Gray Television during the 3rd quarter worth about $85,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the transaction, the director now directly owns 55,347 shares in the company, valued at approximately $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 4.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

Gray Television Price Performance

GTN stock traded down $0.04 during mid-day trading on Wednesday, reaching $3.31. The company's stock had a trading volume of 454,308 shares, compared to its average volume of 1,410,609. 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 company's 50 day moving average is $4.03 and its two-hundred day moving average is $4.23. Gray Television, Inc. has a fifty-two week low of $2.91 and a fifty-two week high of $7.41. The stock has a market cap of $336.11 million, a PE ratio of 2.21 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 EPS for the quarter, meeting the consensus estimate of $1.59. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. Equities research analysts expect that Gray Television, Inc. will post 3.32 EPS for the current year.

Gray Television Announces Dividend

The company also recently declared 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 of this dividend was Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 9.67%. Gray Television's payout ratio is 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.