Intech Investment Management LLC Buys New Shares in Gray Television, Inc. (NYSE:GTN)

Intech Investment Management LLC bought a new stake in shares of Gray Television, Inc. (NYSE:GTN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 26,673 shares of the company’s stock, valued at approximately $143,000.

A number of other large investors also recently modified their holdings of GTN. Capital Management Corp VA increased its holdings in Gray Television by 27.6% in the 3rd quarter. Capital Management Corp VA now owns 5,408,269 shares of the company’s stock valued at $28,988,000 after acquiring an additional 1,170,990 shares during the last quarter. GSA Capital Partners LLP increased its holdings in Gray Television by 287.9% in the 3rd quarter. GSA Capital Partners LLP now owns 232,832 shares of the company’s stock valued at $1,248,000 after acquiring an additional 172,801 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Gray Television in the 2nd quarter valued at $881,000. Squarepoint Ops LLC increased its holdings in Gray Television by 454.2% in the 2nd quarter. Squarepoint Ops LLC now owns 142,541 shares of the company’s stock valued at $741,000 after acquiring an additional 116,821 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC increased its holdings in Gray Television by 59.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 274,944 shares of the company’s stock valued at $1,430,000 after acquiring an additional 102,056 shares during the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GTN. Benchmark reduced their price target on shares of Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Guggenheim reduced their price target on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Finally, Barrington Research upgraded shares of Gray Television to a “hold” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $6.67.

Insider Activity at Gray Television

In related news, EVP Kevin Paul Latek sold 150,216 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $4.37, for a total transaction of $656,443.92. Following the transaction, the executive vice president now directly owns 509,212 shares in the company, valued at approximately $2,225,256.44. This represents a 22.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.80% of the stock is currently owned by insiders.

Gray Television Stock Performance

Gray Television stock opened at $4.10 on Friday. The company’s 50-day moving average price is $5.08 and its 200-day moving average price is $5.18. Gray Television, Inc. has a twelve month low of $3.95 and a twelve month high of $10.07. 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 market cap of $408.65 million, a PE ratio of 2.73, a price-to-earnings-growth ratio of 0.15 and a beta of 1.36.

Gray Television (NYSE:GTN) last posted its earnings results on Friday, November 8th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The business had revenue of $950.00 million during the quarter, compared to the consensus estimate of $967.49 million. During the same quarter last year, the firm earned ($0.57) earnings per share. The business’s quarterly revenue was up 18.3% on a year-over-year basis. On average, equities research analysts forecast that Gray Television, Inc. will post 2.88 EPS for the current fiscal year.

Gray Television Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 7.80%. Gray Television’s payout ratio is 21.33%.

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.