Intech Investment Management LLC Grows Stake in Gray Television, Inc. (NYSE:GTN)

Intech Investment Management LLC grew its stake in shares of Gray Television, Inc. (NYSE:GTN) by 20.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 32,201 shares of the company’s stock after acquiring an additional 5,528 shares during the period. Intech Investment Management LLC’s holdings in Gray Television were worth $101,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in Gray Television during the 3rd quarter valued at about $59,000. MML Investors Services LLC bought a new stake in shares of Gray Television during the third quarter valued at approximately $65,000. EP Wealth Advisors LLC purchased a new position in Gray Television in the 3rd quarter worth approximately $67,000. Choreo LLC lifted its position in Gray Television by 60.0% in the 4th quarter. Choreo LLC now owns 26,827 shares of the company’s stock valued at $81,000 after acquiring an additional 10,058 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in Gray Television in the 3rd quarter valued at approximately $82,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Television Price Performance

NYSE GTN opened at $4.41 on Friday. The stock has a market capitalization of $447.30 million, a price-to-earnings ratio of 2.94 and a beta of 1.45. Gray Television, Inc. has a 1-year low of $2.91 and a 1-year high of $7.41. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. The business’s fifty day moving average price is $4.01 and its 200-day moving average price is $4.35.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.59. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. On average, equities analysts predict that Gray Television, Inc. will post 3.32 earnings per share for the current year.

Gray Television Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.26%. The ex-dividend date of this dividend is Friday, March 14th. Gray Television’s payout ratio is 9.61%.

Insider Buying and Selling at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction on Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the transaction, the director now directly owns 55,347 shares in the company, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GTN has been the subject of several recent analyst reports. Wells Fargo & Company upgraded Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target for the company in a research note on Monday, March 3rd. Guggenheim decreased their target price on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Gray Television has a consensus rating of “Moderate Buy” and an average target price of $6.33.

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.