HighTower Advisors LLC Boosts Holdings in Gray Television, Inc. (NYSE:GTN)

HighTower Advisors LLC raised its stake in Gray Television, Inc. (NYSE:GTN) by 10.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 70,031 shares of the company’s stock after purchasing an additional 6,480 shares during the quarter. HighTower Advisors LLC’s holdings in Gray Television were worth $374,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Gray Television by 1.1% during the 3rd 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 purchasing an additional 2,654 shares in the last quarter. Rhumbline Advisers raised its stake in Gray Television by 2.6% in the second quarter. Rhumbline Advisers now owns 139,642 shares of the company’s stock worth $726,000 after buying an additional 3,544 shares in the last quarter. Hudson Edge Investment Partners Inc. lifted its holdings in Gray Television by 11.9% in the second quarter. Hudson Edge Investment Partners Inc. now owns 45,388 shares of the company’s stock worth $236,000 after buying an additional 4,832 shares during the period. nVerses Capital LLC bought a new stake in Gray Television during the 2nd quarter valued at approximately $27,000. Finally, Hsbc Holdings PLC grew its holdings in shares of Gray Television by 17.0% during the 2nd quarter. Hsbc Holdings PLC now owns 35,649 shares of the company’s stock worth $187,000 after acquiring an additional 5,177 shares during the period. 78.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GTN has been the topic of several research reports. Guggenheim dropped their price objective on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Benchmark lowered their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Finally, Barrington Research raised Gray Television to a “hold” rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $6.67.

Insiders Place Their Bets

In related news, EVP Kevin Paul Latek sold 150,216 shares of the business’s stock in a transaction that occurred on 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 directly owns 509,212 shares in the company, valued at approximately $2,225,256.44. The trade was a 22.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.80% of the company’s stock.

Gray Television Stock Performance

Shares of Gray Television stock opened at $2.99 on Monday. 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’s fifty day moving average price is $4.73 and its 200-day moving average price is $5.02. The firm has a market cap of $298.00 million, a P/E ratio of 1.99, a P/E/G ratio of 0.14 and a beta of 1.36. Gray Television, Inc. has a 12 month low of $2.96 and a 12 month high of $10.07.

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

Gray Television Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 10.70%. The ex-dividend date is Friday, December 13th. Gray Television’s dividend payout ratio is currently 21.33%.

Gray Television 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.