Gray Television, Inc. (NYSE:GTN – Get Rating) saw a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 3,070,000 shares, a growth of 6.6% from the November 30th total of 2,880,000 shares. Based on an average daily volume of 888,500 shares, the short-interest ratio is presently 3.5 days. Approximately 4.1% of the shares of the company are sold short.
Gray Television Price Performance
Shares of NYSE GTN traded down $0.09 during midday trading on Tuesday, hitting $11.10. 44,920 shares of the company’s stock were exchanged, compared to its average volume of 734,459. Gray Television has a 12-month low of $8.61 and a 12-month high of $24.81. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 3.41. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 4.25, a PEG ratio of 0.27 and a beta of 1.57. The business’s fifty day moving average price is $11.50 and its two-hundred day moving average price is $15.48.
Gray Television (NYSE:GTN – Get Rating) last issued its quarterly earnings data on Friday, November 4th. The company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.41 by ($0.38). The business had revenue of $909.00 million for the quarter, compared to analysts’ expectations of $950.70 million. Gray Television had a return on equity of 16.26% and a net margin of 8.96%. As a group, research analysts forecast that Gray Television will post 4.18 EPS for the current fiscal year.
Gray Television Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Thursday, December 15th were given a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $0.32 dividend on an annualized basis and a yield of 2.88%. Gray Television’s payout ratio is 12.17%.
Analysts Set New Price Targets
A number of research analysts have weighed in on GTN shares. StockNews.com lowered Gray Television from a “hold” rating to a “sell” rating in a report on Tuesday, December 20th. Wells Fargo & Company lowered Gray Television from an “overweight” rating to an “underweight” rating and reduced their target price for the company from $25.00 to $7.00 in a report on Wednesday, November 9th. TheStreet lowered Gray Television from a “b-” rating to a “c” rating in a report on Thursday, December 8th. Barrington Research reduced their target price on Gray Television from $25.00 to $15.00 in a report on Thursday, November 10th. Finally, Guggenheim reduced their target price on Gray Television to $19.00 in a report on Tuesday, November 15th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $17.20.
Insider Transactions at Gray Television
In other Gray Television news, major shareholder Harriett J. Robinson bought 68,750 shares of the stock in a transaction dated Monday, December 19th. The shares were bought at an average cost of $17.82 per share, for a total transaction of $1,225,125.00. Following the purchase, the insider now directly owns 1,042,217 shares of the company’s stock, valued at approximately $18,572,306.94. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, major shareholder Harriett J. Robinson acquired 68,750 shares of the firm’s stock in a transaction that occurred on Monday, December 19th. The stock was bought at an average price of $17.82 per share, with a total value of $1,225,125.00. Following the acquisition, the insider now owns 1,042,217 shares in the company, valued at approximately $18,572,306.94. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard Lee Boger acquired 3,200 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The stock was purchased at an average cost of $11.35 per share, with a total value of $36,320.00. Following the acquisition, the director now owns 44,738 shares in the company, valued at approximately $507,776.30. The disclosure for this purchase can be found here. Insiders have acquired 85,950 shares of company stock worth $1,397,745 in the last ninety days. Company insiders own 4.80% of the company’s stock.
Institutional Trading of Gray Television
A number of hedge funds have recently bought and sold shares of GTN. Captrust Financial Advisors lifted its position in Gray Television by 219.5% in the 2nd quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock worth $26,000 after buying an additional 1,069 shares during the last quarter. First Horizon Advisors Inc. bought a new stake in Gray Television in the 2nd quarter worth approximately $39,000. UMB Bank n.a. lifted its position in Gray Television by 35.9% in the 2nd quarter. UMB Bank n.a. now owns 2,378 shares of the company’s stock worth $40,000 after buying an additional 628 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Gray Television by 188.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,370 shares of the company’s stock worth $57,000 after buying an additional 2,200 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Gray Television in the first quarter valued at approximately $73,000. Institutional investors own 81.33% 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, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.