Gray Television (NYSE:GTN) Stock Price Up 5.9% – What’s Next?

Shares of Gray Television, Inc. (NYSE:GTN) rose 5.9% during mid-day trading on Tuesday . The company traded as high as $4.95 and last traded at $4.95. Approximately 1,403,461 shares changed hands during trading, an increase of 6% from the average daily volume of 1,323,164 shares. The stock had previously closed at $4.67.

Wall Street Analysts Forecast Growth

GTN has been the subject of a number of research reports. Wells Fargo & Company upgraded Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 target price for the company in a report on Monday, March 3rd. Guggenheim decreased their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, March 10th. Three equities 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 company’s stock. According to data from MarketBeat.com, Gray Television currently has an average rating of “Moderate Buy” and a consensus target price of $6.33.

Gray Television Price Performance

The company has a market cap of $526.50 million, a P/E ratio of 3.46 and a beta of 1.45. The company has a fifty day moving average price of $3.83 and a two-hundred day moving average price of $4.35. 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 (NYSE:GTN) last issued its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. On average, sell-side analysts anticipate that Gray Television, Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.32 annualized dividend and a yield of 6.17%. Gray Television’s dividend payout ratio (DPR) is currently 9.61%.

Insider Activity at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were 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 approximately $213,085.95. This trade represents a 22.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gray Television

Hedge funds have recently bought and sold shares of the stock. Voleon Capital Management LP acquired a new stake in Gray Television during the fourth quarter worth approximately $32,000. Ameriprise Financial Inc. acquired a new stake in Gray Television during the fourth quarter worth approximately $33,000. Boothbay Fund Management LLC acquired a new stake in Gray Television during the fourth quarter worth approximately $34,000. Wilmington Savings Fund Society FSB acquired a new stake in Gray Television during the third quarter worth approximately $59,000. Finally, MML Investors Services LLC acquired a new stake in Gray Television during the third quarter worth approximately $65,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.