Pitcairn Co. Invests $50,000 in Gray Television, Inc. (NYSE:GTN)

Pitcairn Co. acquired a new stake in shares of Gray Television, Inc. (NYSE:GTN) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 15,831 shares of the company’s stock, valued at approximately $50,000.

Other hedge funds have also made changes to their positions in the company. RPO LLC acquired a new position in Gray Television in the 4th quarter valued at approximately $46,000. ExodusPoint Capital Management LP acquired a new position in shares of Gray Television in the fourth quarter valued at $1,261,000. Trexquant Investment LP lifted its position in Gray Television by 41.1% in the fourth quarter. Trexquant Investment LP now owns 236,831 shares of the company’s stock worth $746,000 after purchasing an additional 68,983 shares during the period. Norges Bank acquired a new stake in Gray Television during the fourth quarter worth $2,170,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in Gray Television by 12.4% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 227,775 shares of the company’s stock valued at $717,000 after buying an additional 25,211 shares during the period. Institutional investors own 78.64% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GTN. Guggenheim decreased their target price on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Wells Fargo & Company upgraded Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective on the stock in a research note on Monday, March 3rd. Three investment 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $6.33.

Gray Television Trading Down 7.0 %

Shares of Gray Television stock opened at $3.64 on Monday. The stock has a market capitalization of $369.11 million, a P/E ratio of 2.42 and a beta of 1.08. Gray Television, Inc. has a 12-month low of $2.91 and a 12-month high of $7.41. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. The company has a 50-day simple moving average of $4.09 and a 200 day simple moving average of $4.32.

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

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.08 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.80%. Gray Television’s dividend payout ratio (DPR) is presently 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 that occurred on 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 owns 55,347 shares of the company’s stock, valued at $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.80% of the stock is currently owned by company insiders.

About Gray Television

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.