Richard Lee Boger Sells 16,000 Shares of Gray Television, Inc. (NYSE:GTN) Stock

Gray Television, Inc. (NYSE:GTN) Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the sale, the director now owns 55,347 shares in the company, valued at $213,085.95. The trade was a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Gray Television Price Performance

NYSE:GTN opened at $3.50 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television, Inc. has a 12-month low of $2.91 and a 12-month high of $7.41. The stock’s 50 day moving average price is $3.64 and its two-hundred day moving average price is $4.41. The firm has a market capitalization of $348.34 million, a price-to-earnings ratio of 2.33 and a beta of 1.41.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, meeting 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 analysts’ expectations of $1.04 billion. On average, analysts anticipate that Gray Television, Inc. will post 3.32 earnings per share for the current year.

Gray Television Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 9.16%. The ex-dividend date of this dividend is Friday, March 14th. Gray Television’s payout ratio is 9.61%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Guggenheim decreased their price objective on Gray Television from $10.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Benchmark lowered their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Barrington Research raised shares of Gray Television to a “hold” rating in a research note on Thursday, November 14th. Finally, Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target on the stock in a research report on Monday. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Gray Television has an average rating of “Moderate Buy” and an average target price of $6.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GTN. Miller Value Partners LLC boosted its holdings in shares of Gray Television by 132.1% during the fourth quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company’s stock worth $10,661,000 after acquiring an additional 1,926,330 shares during the period. Capital Management Corp VA lifted its holdings in Gray Television by 27.6% during the 3rd quarter. Capital Management Corp VA now owns 5,408,269 shares of the company’s stock worth $28,988,000 after purchasing an additional 1,170,990 shares during the last quarter. Millennium Management LLC lifted its holdings in Gray Television by 903.0% during the 4th quarter. Millennium Management LLC now owns 719,201 shares of the company’s stock worth $2,265,000 after purchasing an additional 808,764 shares during the last quarter. Norges Bank bought a new stake in Gray Television in the 4th quarter valued at $2,170,000. Finally, Marshall Wace LLP grew its holdings in Gray Television by 52.6% in 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 in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Company 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.