Lazard Asset Management LLC Buys 279,999 Shares of Gray Television, Inc. (NYSE:GTN)

Lazard Asset Management LLC lifted its stake in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 2,611.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 290,721 shares of the company's stock after acquiring an additional 279,999 shares during the period. Lazard Asset Management LLC owned 0.29% of Gray Television worth $915,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GTN. Linden Thomas Advisory Services LLC lifted its position in shares of Gray Television by 15.8% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 108,796 shares of the company's stock valued at $343,000 after acquiring an additional 14,871 shares during the period. Choreo LLC increased its stake in Gray Television by 60.0% during 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. Kingsview Wealth Management LLC bought a new stake in Gray Television during the 4th quarter valued at $340,000. Empowered Funds LLC increased its stake in Gray Television by 5.2% during the 4th quarter. Empowered Funds LLC now owns 432,686 shares of the company's stock valued at $1,363,000 after purchasing an additional 21,237 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in 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 purchasing an additional 6,498 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on GTN shares. Benchmark decreased their price target on shares of Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Guggenheim decreased their price target on shares of Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Wells Fargo & Company boosted their price target on shares of Gray Television from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Finally, Wall Street Zen lowered shares of Gray Television from a "hold" rating to a "sell" rating in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Gray Television currently has a consensus rating of "Hold" and an average price target of $6.17.

Gray Television Stock Up 4.0%

Shares of NYSE GTN traded up $0.15 during trading on Friday, hitting $3.92. The stock had a trading volume of 1,927,372 shares, compared to its average volume of 1,454,429. Gray Television, Inc. has a 12 month low of $2.91 and a 12 month high of $6.61. 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 company has a market capitalization of $398.05 million, a PE ratio of 2.61 and a beta of 1.15. The firm has a fifty day moving average of $3.92 and a two-hundred day moving average of $3.90.

Gray Television (NYSE:GTN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $782.00 million during the quarter, compared to analyst estimates of $772.71 million. During the same quarter in the prior year, the business posted $0.79 EPS. The business's revenue was down 5.0% compared to the same quarter last year. As a group, equities 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 announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.32 annualized dividend and a dividend yield of 8.16%. Gray Television's payout ratio is 13.85%.

Insider Transactions 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 value 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 15.22% of the company's stock.

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.