Charles Schwab Investment Management Inc. Has $9.07 Million Stake in Gray Television, Inc. (NYSE:GTN)

Charles Schwab Investment Management Inc. lowered its stake in Gray Television, Inc. (NYSE:GTN) by 21.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,692,148 shares of the company’s stock after selling 473,096 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Gray Television were worth $9,070,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. nVerses Capital LLC acquired a new stake in Gray Television during the 2nd quarter worth $27,000. CWM LLC grew its holdings in Gray Television by 733.1% during the 2nd quarter. CWM LLC now owns 7,448 shares of the company’s stock worth $39,000 after acquiring an additional 6,554 shares during the period. Creative Planning acquired a new stake in Gray Television during the 3rd quarter worth $56,000. HBK Sorce Advisory LLC acquired a new stake in Gray Television during the 2nd quarter worth $58,000. Finally, Choreo LLC acquired a new stake in Gray Television during the 2nd quarter worth $60,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Insider Buying and Selling at Gray Television

In related news, EVP Kevin Paul Latek sold 150,216 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $4.37, for a total transaction of $656,443.92. Following the sale, the executive vice president now owns 509,212 shares in the company, valued at approximately $2,225,256.44. This trade represents a 22.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 13.83% of the company’s stock.

Gray Television Stock Up 6.7 %

Shares of GTN stock opened at $4.39 on Wednesday. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The firm’s 50-day moving average is $5.03 and its 200-day moving average is $5.15. The stock has a market cap of $437.05 million, a price-to-earnings ratio of 2.92, a PEG ratio of 0.14 and a beta of 1.36. Gray Television, Inc. has a 52-week low of $3.95 and a 52-week high of $10.07.

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

Gray Television Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 7.30%. Gray Television’s dividend payout ratio is currently 21.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on GTN shares. 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 research report on Monday, November 11th. Barrington Research raised shares of Gray Television to a “hold” rating in a research report on Thursday, November 14th. StockNews.com raised shares of Gray Television from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Guggenheim reduced their price objective on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.67.

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.