EP Wealth Advisors LLC Makes New Investment in Gray Television, Inc. (NYSE:GTN)

EP Wealth Advisors LLC purchased a new stake in Gray Television, Inc. (NYSE:GTN) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 12,416 shares of the company’s stock, valued at approximately $67,000.

A number of other institutional investors have also recently modified their holdings of the business. nVerses Capital LLC acquired a new stake in Gray Television in the second quarter valued at $27,000. CWM LLC boosted its holdings in Gray Television by 733.1% during the second quarter. CWM LLC now owns 7,448 shares of the company’s stock worth $39,000 after buying an additional 6,554 shares in the last quarter. Creative Planning acquired a new position in Gray Television during the third quarter worth about $56,000. HBK Sorce Advisory LLC acquired a new position in Gray Television during the second quarter worth about $58,000. Finally, Choreo LLC purchased a new position in Gray Television in the second quarter valued at about $60,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Barrington Research raised Gray Television to a “hold” rating in a research note on Thursday, November 14th. Guggenheim decreased their target price on Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Benchmark lowered their target price on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Finally, StockNews.com raised Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $6.67.

Gray Television Price Performance

GTN stock opened at $3.72 on Monday. The stock’s 50 day moving average price is $4.94 and its 200 day moving average price is $5.11. The firm has a market cap of $370.77 million, a P/E ratio of 2.48, a PEG ratio of 0.14 and a beta of 1.36. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. Gray Television, Inc. has a 1 year low of $3.65 and a 1 year high of $10.07.

Gray Television (NYSE:GTN) last announced its earnings results on Friday, November 8th. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.08). The firm had revenue of $950.00 million during the quarter, compared to analyst estimates of $967.49 million. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.57) EPS. On average, sell-side analysts expect that Gray Television, Inc. will post 2.88 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.08 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 8.60%. Gray Television’s dividend payout ratio (DPR) is presently 21.33%.

Insider Buying and Selling

In other Gray Television news, EVP Kevin Paul Latek sold 150,216 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $4.37, for a total transaction of $656,443.92. Following the completion of the sale, the executive vice president now owns 509,212 shares of the company’s stock, valued at approximately $2,225,256.44. The trade was a 22.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.80% of the stock is currently owned by company insiders.

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.