Insider Buying: Gray Television, Inc. (NYSE:GTN) CFO Purchases 12,500 Shares of Stock

Gray Television, Inc. (NYSE:GTN - Get Free Report) CFO Jeffrey R. Gignac acquired 12,500 shares of Gray Television stock in a transaction dated Thursday, June 5th. The stock was bought at an average price of $3.68 per share, with a total value of $46,000.00. Following the completion of the purchase, the chief financial officer now directly owns 644,599 shares in the company, valued at $2,372,124.32. This represents a 1.98% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Gray Television Price Performance

Shares of NYSE:GTN traded down $0.01 during mid-day trading on Wednesday, reaching $4.05. The stock had a trading volume of 1,794,343 shares, compared to its average volume of 1,446,900. The company has a market cap of $410.74 million, a P/E ratio of 2.70 and a beta of 1.16. The business's 50 day moving average price is $3.74 and its 200 day moving average price is $3.82. 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 1 year low of $2.91 and a 1 year high of $6.61.

Gray Television (NYSE:GTN - Get Free Report) last issued its quarterly 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. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The company had revenue of $782.00 million during the quarter, compared to the consensus estimate of $772.71 million. During the same period last year, the company earned $0.79 earnings per share. Gray Television's revenue was down 5.0% on a year-over-year basis. Research analysts expect that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Announces Dividend

The company also recently disclosed 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 of this dividend is Friday, June 13th. Gray Television's dividend payout ratio (DPR) is currently 13.85%.

Institutional Trading of Gray Television

Institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of Gray Television during the 1st quarter worth approximately $28,000. Voleon Capital Management LP bought a new stake in Gray Television during the fourth quarter valued at about $32,000. Ameriprise Financial Inc. bought a new stake in shares of Gray Television in the 4th quarter valued at about $33,000. Boothbay Fund Management LLC purchased a new position in Gray Television in the fourth quarter worth $34,000. Finally, Harbor Capital Advisors Inc. grew its stake in Gray Television by 157.6% during the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company's stock worth $38,000 after buying an additional 5,355 shares during the last quarter. Institutional investors own 78.64% of the company's stock.

Wall Street Analyst Weigh In

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

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.