CastleKnight Management LP Lowers Stock Holdings in Gray Television, Inc. (NYSE:GTN)

CastleKnight Management LP decreased its stake in Gray Television, Inc. (NYSE:GTN - Free Report) by 53.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 148,073 shares of the company's stock after selling 167,735 shares during the quarter. CastleKnight Management LP owned approximately 0.15% of Gray Television worth $466,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mariner LLC boosted its position in Gray Television by 18.7% in the 4th quarter. Mariner LLC now owns 21,740 shares of the company's stock worth $68,000 after purchasing an additional 3,419 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Gray Television by 20.7% in the fourth quarter. Intech Investment Management LLC now owns 32,201 shares of the company's stock worth $101,000 after acquiring an additional 5,528 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Gray Television by 13.6% during the 4th quarter. Wells Fargo & Company MN now owns 53,242 shares of the company's stock worth $168,000 after acquiring an additional 6,367 shares in the last quarter. Rhumbline Advisers grew its position in shares of Gray Television by 4.8% during the 4th quarter. Rhumbline Advisers now owns 142,935 shares of the company's stock valued at $450,000 after acquiring an additional 6,498 shares during the period. Finally, Choreo LLC increased its stake in shares of Gray Television by 60.0% in the 4th quarter. Choreo LLC now owns 26,827 shares of the company's stock valued at $81,000 after purchasing an additional 10,058 shares in the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GTN has been the topic of several research analyst reports. Guggenheim dropped their price objective on Gray Television from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, March 10th. 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 note on Tuesday. Finally, Wells Fargo & Company upgraded shares of Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price objective for the company in a research report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $6.00.

Insider Activity

In related news, Director Richard Lee Boger sold 16,000 shares of the firm's 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 completion of the sale, the director now directly owns 55,347 shares in the company, valued at approximately $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.22% of the company's stock.

Gray Television Price Performance

Shares of GTN traded down $0.10 during trading hours on Friday, hitting $4.25. 1,575,797 shares of the stock were exchanged, compared to its average volume of 1,444,518. The stock's 50-day moving average price is $3.89 and its two-hundred day moving average price is $3.99. Gray Television, Inc. has a 12-month low of $2.91 and a 12-month high of $7.28. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $431.56 million, a price-to-earnings ratio of 2.83 and a beta of 1.15.

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

Gray Television Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 7.53%. The ex-dividend date is Friday, June 13th. Gray Television's dividend payout ratio is currently 9.61%.

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.