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

Bridgeway Capital Management LLC reduced its position in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 12.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,194,786 shares of the company's stock after selling 172,763 shares during the period. Bridgeway Capital Management LLC owned about 1.20% of Gray Television worth $3,764,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Miller Value Partners LLC grew its position in Gray Television by 132.1% in the 4th quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company's stock valued at $10,661,000 after acquiring an additional 1,926,330 shares in the last quarter. Norges Bank purchased a new stake in Gray Television during the 4th quarter worth approximately $2,170,000. Marshall Wace LLP increased its stake in Gray Television by 52.6% during the 4th quarter. Marshall Wace LLP now owns 1,161,862 shares of the company's stock worth $3,660,000 after buying an additional 400,274 shares during the period. ExodusPoint Capital Management LP purchased a new stake in Gray Television during the 4th quarter worth approximately $1,261,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Gray Television during the 4th quarter worth approximately $1,127,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Gray Television Stock Down 5.7%

NYSE:GTN traded down $0.26 during trading hours on Wednesday, hitting $4.29. The company's stock had a trading volume of 775,021 shares, compared to its average volume of 1,450,555. The stock has a market capitalization of $435.62 million, a P/E ratio of 2.86 and a beta of 1.15. The stock has a fifty day moving average of $3.94 and a 200-day moving average of $3.97. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television, Inc. has a 52-week low of $2.91 and a 52-week high of $7.28.

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

Gray Television Dividend Announcement

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 is Friday, June 13th. This represents a $0.32 annualized dividend and a dividend yield of 7.46%. Gray Television's dividend payout ratio is presently 13.85%.

Insider Transactions at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the 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 sale, the director now owns 55,347 shares in the company, valued at $213,085.95. This represents a 22.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.22% of the company's stock.

Analysts Set New Price Targets

GTN has been the topic of several recent research reports. Benchmark cut 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 Tuesday, May 6th. StockNews.com cut Gray Television from a "hold" rating to a "sell" rating in a research note on Monday. Guggenheim decreased their price objective 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. Finally, Wells Fargo & Company lifted their price objective on Gray Television from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Monday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $6.17.

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.