Two Sigma Investments LP Boosts Stock Position in Gray Television, Inc. (NYSE:GTN)

Two Sigma Investments LP lifted its position in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 102.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 176,644 shares of the company's stock after acquiring an additional 89,319 shares during the quarter. Two Sigma Investments LP owned approximately 0.18% of Gray Television worth $556,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in GTN. Miller Value Partners LLC grew its stake in shares of Gray Television by 132.1% during the fourth quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company's stock worth $10,661,000 after purchasing an additional 1,926,330 shares during the period. Millennium Management LLC lifted its holdings in shares of Gray Television by 903.0% in the fourth quarter. Millennium Management LLC now owns 719,201 shares of the company's stock valued at $2,265,000 after purchasing an additional 808,764 shares in the last quarter. Norges Bank bought a new stake in shares of Gray Television in the fourth quarter valued at about $2,170,000. Marshall Wace LLP raised its holdings in Gray Television by 52.6% during the fourth quarter. Marshall Wace LLP now owns 1,161,862 shares of the company's stock worth $3,660,000 after acquiring an additional 400,274 shares in the last quarter. Finally, ExodusPoint Capital Management LP bought a new stake in Gray Television during the fourth quarter worth about $1,261,000. Institutional investors own 78.64% of the company's stock.

Insiders Place Their Bets

In other Gray Television news, CFO Jeffrey R. Gignac bought 12,500 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were purchased at an average price of $3.68 per share, for a total transaction of $46,000.00. Following the purchase, the chief financial officer now directly owns 644,599 shares of the company's stock, valued at approximately $2,372,124.32. This represents a 1.98% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.22% of the company's stock.

Wall Street Analyst Weigh In

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

Gray Television Price Performance

Shares of NYSE GTN traded down $0.01 during mid-day trading on Wednesday, hitting $4.05. 1,794,344 shares of the stock traded hands, compared to its average volume of 1,449,659. The company has a market cap of $410.74 million, a PE ratio of 2.70 and a beta of 1.16. Gray Television, Inc. has a twelve month low of $2.91 and a twelve month high of $6.61. The firm has a 50 day simple moving average of $3.75 and a two-hundred day simple moving average of $3.82. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13.

Gray Television (NYSE:GTN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.49) by $0.26. The company had revenue of $782.00 million for the quarter, compared to the consensus estimate of $772.71 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The firm's revenue was down 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 EPS. 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. Investors of record on Friday, June 13th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 7.91%. The ex-dividend date is Friday, June 13th. Gray Television's payout ratio is 13.85%.

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.