Gray Television, Inc. (NYSE:GTN) Short Interest Update

by · The Cerbat Gem

Gray Television, Inc. (NYSE:GTN – Get Free Report) was the target of a significant decline in short interest in March. As of March 31st, there was short interest totalling 3,380,000 shares, a decline of 18.0% from the March 15th total of 4,120,000 shares. Currently, 4.0% of the company’s stock are short sold. Based on an average trading volume of 1,590,000 shares, the days-to-cover ratio is presently 2.1 days.

Insiders Place Their Bets

In related news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the transaction, the director now directly owns 55,347 shares in the company, valued at $213,085.95. The trade was a 22.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 15.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GTN. State Street Corp boosted its stake in Gray Television by 1.9% in the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company’s stock worth $10,773,000 after purchasing an additional 36,541 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Gray Television during the fourth quarter valued at $425,000. Barclays PLC grew its stake in Gray Television by 114.4% during the third quarter. Barclays PLC now owns 272,272 shares of the company’s stock valued at $1,460,000 after acquiring an additional 145,263 shares in the last quarter. EntryPoint Capital LLC increased its holdings in Gray Television by 925.7% in the 4th quarter. EntryPoint Capital LLC now owns 169,670 shares of the company’s stock valued at $534,000 after acquiring an additional 153,128 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Gray Television during the 4th quarter valued at about $324,000. 78.64% of the stock is currently owned by institutional investors.

Gray Television Stock Performance

Shares of NYSE:GTN traded up $0.01 during trading on Friday, hitting $3.35. The company’s stock had a trading volume of 645,192 shares, compared to its average volume of 1,416,406. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market cap of $339.66 million, a price-to-earnings ratio of 2.23 and a beta of 1.08. The company has a 50-day moving average of $3.98 and a 200-day moving average of $4.19. Gray Television has a 12 month low of $2.91 and a 12 month high of $7.41.

Gray Television (NYSE:GTN – Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, hitting the consensus estimate of $1.59. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. On average, sell-side analysts expect that Gray Television will post 3.32 earnings per share for the current year.

Gray Television Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 9.57%. The ex-dividend date of this dividend was Friday, March 14th. Gray Television’s dividend payout ratio (DPR) is currently 9.61%.

Analyst Upgrades and Downgrades

GTN has been the topic of several research analyst reports. Guggenheim lowered their target price 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. Wells Fargo & Company upgraded shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 target price on the stock in a report on Monday, March 3rd. 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. According to data from MarketBeat.com, Gray Television has a consensus rating of “Moderate Buy” and a consensus target price of $6.33.

View Our Latest Research Report on GTN

Gray Television Company Profile

(Get Free Report)

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.

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