Algert Global LLC Invests $471,000 in Gray Television, Inc. (NYSE:GTN)

Algert Global LLC purchased a new position in shares of Gray Television, Inc. (NYSE:GTN) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 149,664 shares of the company’s stock, valued at approximately $471,000.

Other institutional investors also recently modified their holdings of the company. Barclays PLC increased its holdings in Gray Television by 114.4% in the third quarter. Barclays PLC now owns 272,272 shares of the company’s stock valued at $1,460,000 after purchasing an additional 145,263 shares during the period. Franklin Resources Inc. increased its holdings in Gray Television by 5.5% in the third quarter. Franklin Resources Inc. now owns 696,853 shares of the company’s stock valued at $3,951,000 after purchasing an additional 36,312 shares during the period. Linden Thomas Advisory Services LLC increased its holdings in Gray Television by 15.8% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 108,796 shares of the company’s stock valued at $343,000 after purchasing an additional 14,871 shares during the period. Choreo LLC increased its holdings in Gray Television by 60.0% in the fourth quarter. Choreo LLC now owns 26,827 shares of the company’s stock valued at $81,000 after purchasing an additional 10,058 shares during the period. Finally, Kingsview Wealth Management LLC acquired a new stake in Gray Television in the fourth quarter valued at $340,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GTN. Wells Fargo & Company upgraded Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective for the company in a report on Monday, March 3rd. Guggenheim dropped 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 report on Monday, March 10th. Finally, Benchmark dropped 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 report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Gray Television has a consensus rating of “Hold” and a consensus price target of $6.00.

Gray Television Stock Performance

Shares of Gray Television stock opened at $4.25 on Monday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. The business has a 50-day moving average price of $3.89 and a two-hundred day moving average price of $3.97. Gray Television, Inc. has a 1-year low of $2.91 and a 1-year high of $7.28. The company has a market cap of $431.56 million, a P/E ratio of 2.83 and a beta of 1.15.

Gray Television (NYSE:GTN) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. The firm had revenue of $782.00 million during the quarter, compared to the consensus estimate of $772.71 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The business’s revenue was down 5.0% compared to the same quarter last year. During the same period last year, the business posted $0.79 EPS. As a group, analysts anticipate that Gray Television, Inc. will post 3.32 EPS for the current year.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.53%. Gray Television’s dividend payout ratio (DPR) is presently 9.61%.

Insider Transactions at Gray Television

In other news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the transaction, the director now owns 55,347 shares of the company’s stock, valued at $213,085.95. This represents a 22.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 15.22% of the company’s stock.

Gray Television Company Profile

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.