FIL Ltd Purchases Shares of 118,580 Gray Television, Inc. (NYSE:GTN)

FIL Ltd acquired a new position in shares of Gray Television, Inc. (NYSE:GTN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 118,580 shares of the company’s stock, valued at approximately $374,000.

Several other hedge funds also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Gray Television by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 239,371 shares of the company’s stock worth $1,283,000 after acquiring an additional 2,654 shares during the last quarter. Verition Fund Management LLC boosted its stake in Gray Television by 64.0% in the third quarter. Verition Fund Management LLC now owns 17,480 shares of the company’s stock worth $94,000 after purchasing an additional 6,824 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of Gray Television by 10.2% during the third quarter. HighTower Advisors LLC now owns 70,031 shares of the company’s stock worth $374,000 after purchasing an additional 6,480 shares during the last quarter. Quantinno Capital Management LP acquired a new stake in shares of Gray Television in the third quarter valued at $85,000. Finally, State Street Corp increased its stake in shares of Gray Television by 1.9% in the third quarter. State Street Corp now owns 2,009,896 shares of the company’s stock valued at $10,773,000 after buying an additional 36,541 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective on the stock in a report on Monday, March 3rd. Guggenheim decreased their price target on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Three 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. Based on data from MarketBeat.com, Gray Television presently has a consensus rating of “Moderate Buy” and an average target price of $6.33.

Gray Television Price Performance

Gray Television stock opened at $3.37 on Tuesday. The stock has a market cap of $342.20 million, a price-to-earnings ratio of 2.25 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 business’s 50-day simple moving average is $4.04 and its 200 day simple moving average is $4.23.

Gray Television (NYSE:GTN) last issued its quarterly earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, hitting the consensus estimate of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. As a group, research 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 declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 9.50%. The ex-dividend date was Friday, March 14th. Gray Television’s dividend payout ratio (DPR) is currently 9.61%.

Insider Transactions at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the transaction, the director now owns 55,347 shares of the company’s stock, valued at approximately $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.80% of the stock is owned by corporate 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.