Gray Television, Inc. (NYSE:GTN) Shares Sold by Skylands Capital LLC

Skylands Capital LLC lowered its position in Gray Television, Inc. (NYSE:GTN) by 13.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 258,100 shares of the company’s stock after selling 40,100 shares during the quarter. Skylands Capital LLC’s holdings in Gray Television were worth $2,313,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GTN. CWM LLC increased its position in shares of Gray Television by 61.5% during the fourth quarter. CWM LLC now owns 3,017 shares of the company’s stock worth $27,000 after acquiring an additional 1,149 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Gray Television by 9.1% during the 3rd quarter. Victory Capital Management Inc. now owns 19,990 shares of the company’s stock worth $138,000 after purchasing an additional 1,665 shares during the last quarter. Teza Capital Management LLC raised its position in shares of Gray Television by 13.6% in the 3rd quarter. Teza Capital Management LLC now owns 20,684 shares of the company’s stock valued at $143,000 after purchasing an additional 2,470 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its stake in shares of Gray Television by 14.9% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 19,093 shares of the company’s stock valued at $132,000 after buying an additional 2,472 shares during the last quarter. Finally, Oak Thistle LLC grew its position in shares of Gray Television by 33.1% during the fourth quarter. Oak Thistle LLC now owns 14,293 shares of the company’s stock worth $128,000 after buying an additional 3,551 shares in the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on GTN. Wells Fargo & Company lifted their price target on shares of Gray Television from $6.00 to $7.00 and gave the stock an “underweight” rating in a research note on Friday, February 9th. Barrington Research restated a “market perform” rating on shares of Gray Television in a research note on Tuesday, February 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Gray Television has a consensus rating of “Hold” and a consensus target price of $12.80.

Gray Television Stock Performance

Gray Television stock traded up $0.25 during mid-day trading on Monday, reaching $5.86. The company’s stock had a trading volume of 436,582 shares, compared to its average volume of 1,128,598. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.12. Gray Television, Inc. has a twelve month low of $5.44 and a twelve month high of $10.69. The business has a 50 day moving average price of $6.04 and a 200-day moving average price of $7.40. The firm has a market cap of $569.62 million, a price-to-earnings ratio of -4.24, a PEG ratio of 0.15 and a beta of 1.57.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Friday, February 23rd. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business had revenue of $864.00 million during the quarter, compared to analyst estimates of $863.31 million. Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The company’s quarterly revenue was down 19.4% on a year-over-year basis. During the same period last year, the firm posted $1.88 earnings per share. Sell-side analysts predict that Gray Television, Inc. will post 3.78 EPS for the current fiscal year.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.08 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 5.46%. Gray Television’s dividend payout ratio is currently -23.02%.

Insiders Place Their Bets

In other news, CEO Hilton H. Howell, Jr. purchased 10,000 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were bought at an average price of $8.09 per share, for a total transaction of $80,900.00. Following the completion of the purchase, the chief executive officer now owns 2,982,386 shares of the company’s stock, valued at $24,127,502.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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.