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

Algert Global LLC acquired a new position in shares of Gray Television, Inc. (NYSE:GTN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 149,664 shares of the company's stock, valued at approximately $471,000. Algert Global LLC owned 0.15% of Gray Television as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the company. Jane Street Group LLC boosted its stake in shares of Gray Television by 91.5% in the fourth quarter. Jane Street Group LLC now owns 376,697 shares of the company's stock valued at $1,187,000 after buying an additional 180,001 shares during the period. Voleon Capital Management LP bought a new stake in shares of Gray Television in the fourth quarter valued at approximately $32,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Gray Television in the fourth quarter valued at approximately $1,127,000. Northern Trust Corp boosted its stake in shares of Gray Television by 7.8% in the fourth quarter. Northern Trust Corp now owns 846,849 shares of the company's stock valued at $2,668,000 after buying an additional 61,562 shares during the period. Finally, Aquatic Capital Management LLC bought a new stake in shares of Gray Television in the fourth quarter valued at approximately $90,000. Institutional investors own 78.64% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Benchmark cut their price target on Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Wells Fargo & Company upgraded Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price target for the company in a research note on Monday, March 3rd. Finally, Guggenheim cut their price target on Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Gray Television has a consensus rating of "Hold" and an average price target of $6.00.

Gray Television Stock Down 2.3%

Shares of GTN opened at $4.25 on Monday. Gray Television, Inc. has a one year low of $2.91 and a one 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. 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 50 day simple moving average of $3.89 and a two-hundred day simple moving average of $3.97.

Gray Television (NYSE:GTN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.26. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The business had revenue of $782.00 million during the quarter, compared to the consensus estimate of $772.71 million. During the same period in the previous year, the business earned $0.79 earnings per share. The company's revenue was down 5.0% on a year-over-year basis. Research analysts forecast that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders 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 annualized dividend and a yield of 7.53%. Gray Television's dividend payout ratio is currently 9.61%.

Insider Buying and Selling at Gray Television

In other news, Director Richard Lee Boger sold 16,000 shares of the company's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the transaction, the director now directly owns 55,347 shares in the company, valued at approximately $213,085.95. This represents a 22.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.22% of the company's stock.

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.

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