Gray Television, Inc. (NYSE:GTN) Shares Sold by Penn Capital Management Company LLC

Penn Capital Management Company LLC decreased its stake in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 9.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,736,182 shares of the company's stock after selling 185,045 shares during the period. Penn Capital Management Company LLC owned about 1.74% of Gray Television worth $5,469,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Capital Management Corp VA grew its position in shares of Gray Television by 6.6% in the 4th quarter. Capital Management Corp VA now owns 5,763,336 shares of the company's stock worth $18,155,000 after acquiring an additional 355,067 shares in the last quarter. State Street Corp lifted its position in shares of Gray Television by 1.9% in the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company's stock worth $10,773,000 after buying an additional 36,541 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Gray Television by 3.0% in 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 period. Marshall Wace LLP grew its position in shares of Gray Television by 52.6% during the 4th quarter. Marshall Wace LLP now owns 1,161,862 shares of the company's stock valued at $3,660,000 after buying an additional 400,274 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Gray Television by 10.1% during the fourth quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company's stock worth $3,057,000 after acquiring an additional 89,385 shares during the period. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the company'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 value of $61,600.00. Following the completion of the sale, the director now directly owns 55,347 shares in the company, valued at $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 15.22% of the company's stock.

Gray Television Stock Performance

Shares of NYSE GTN traded up $0.04 during midday trading on Monday, hitting $3.43. 831,373 shares of the company's stock were exchanged, compared to its average volume of 1,418,104. Gray Television, Inc. has a twelve month low of $2.91 and a twelve month high of $7.41. The firm has a market cap of $348.29 million, a P/E ratio of 2.29 and a beta of 1.08. The stock's 50 day moving average price is $3.92 and its 200-day moving average price is $4.11. 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 released its quarterly earnings results on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.59. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.04 billion. Equities research analysts anticipate that Gray Television, Inc. will post 3.32 EPS for the current year.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 9.33%. The ex-dividend date was Friday, March 14th. Gray Television's dividend payout ratio (DPR) is presently 9.61%.

Analysts Set New Price Targets

A number of equities analysts have commented on GTN shares. Guggenheim decreased their target price 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. Wells Fargo & Company upgraded Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price objective for the company in a research note 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $6.33.

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.