Cubist Systematic Strategies LLC Raises Position in Gray Television, Inc. (NYSE:GTN)

Cubist Systematic Strategies LLC boosted its holdings in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 1,377.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 292,335 shares of the company's stock after buying an additional 272,553 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.29% of Gray Television worth $921,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GTN. Voleon Capital Management LP bought a new position in shares of Gray Television in the fourth quarter worth approximately $32,000. Ameriprise Financial Inc. purchased a new stake in shares of Gray Television during the 4th quarter valued at $33,000. Boothbay Fund Management LLC bought a new stake in shares of Gray Television during the 4th quarter worth $34,000. Federated Hermes Inc. grew its position in Gray Television by 214,100.0% in the fourth quarter. Federated Hermes Inc. now owns 12,852 shares of the company's stock worth $40,000 after acquiring an additional 12,846 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Gray Television in the fourth quarter valued at $43,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Gray Television Trading Up 2.4%

Shares of Gray Television stock traded up $0.10 during trading on Tuesday, reaching $4.04. 97,462 shares of the stock were exchanged, compared to its average volume of 1,453,403. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. The stock's fifty day moving average is $3.95 and its 200 day moving average is $3.91. The firm has a market cap of $409.73 million, a price-to-earnings ratio of 2.69 and a beta of 1.15. Gray Television, Inc. has a 1 year low of $2.91 and a 1 year high of $6.64.

Gray Television (NYSE:GTN - Get Free Report) last posted its 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 company 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%. Gray Television's revenue for the quarter was down 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.79 earnings per share. As a group, equities research analysts expect that Gray Television, Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The company 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. The ex-dividend date is Friday, June 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.93%. Gray Television's dividend payout ratio is currently 13.85%.

Insider Transactions at Gray Television

In other Gray Television 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 value of $61,600.00. Following the completion of the sale, the director now directly owns 55,347 shares in the company, valued at $213,085.95. This trade represents a 22.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 15.22% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GTN. Wells Fargo & Company increased their target price on Gray Television from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Benchmark reduced their price objective on Gray Television from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Guggenheim reduced their price objective on Gray Television from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Finally, StockNews.com cut Gray Television from a "hold" rating to a "sell" rating in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $6.17.

Gray Television 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.