Gray Television, Inc. (NYSE:GTN) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership reduced its position in Gray Television, Inc. (NYSE:GTN - Free Report) by 21.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 427,894 shares of the company's stock after selling 120,296 shares during the period. Arrowstreet Capital Limited Partnership owned 0.43% of Gray Television worth $1,348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GTN. Capital Management Corp VA grew its holdings in Gray Television by 6.6% in the fourth quarter. Capital Management Corp VA now owns 5,763,336 shares of the company's stock worth $18,155,000 after purchasing an additional 355,067 shares during the last quarter. State Street Corp grew its stake in Gray Television by 1.9% during the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company's stock worth $10,773,000 after buying an additional 36,541 shares during the last quarter. Geode Capital Management LLC increased its position in Gray Television by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company's stock valued at $10,568,000 after buying an additional 57,481 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Gray Television by 10.1% in the fourth quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company's stock valued at $3,057,000 after buying an additional 89,385 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Gray Television by 5.5% in the third quarter. Franklin Resources Inc. now owns 696,853 shares of the company's stock valued at $3,951,000 after buying an additional 36,312 shares during the last quarter. Hedge funds and other institutional investors own 78.64% of the company's stock.

Insider Activity at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the business'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 transaction, the director now directly owns 55,347 shares in the company, valued at $213,085.95. The trade was a 22.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on GTN shares. Guggenheim dropped their target price on shares of Gray Television from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Wells Fargo & Company raised Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 target price on the stock in a research report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $6.33.

Gray Television Price Performance

NYSE GTN traded down $0.01 during mid-day trading on Thursday, hitting $3.34. The stock had a trading volume of 135,818 shares, compared to its average volume of 1,409,747. The firm's 50 day moving average is $4.02 and its 200 day moving average is $4.22. 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 stock has a market capitalization of $338.65 million, a price-to-earnings ratio of 2.22 and a beta of 1.08. Gray Television, Inc. has a twelve month low of $2.91 and a twelve month high of $7.41.

Gray Television (NYSE:GTN - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.59. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. Equities research analysts forecast that Gray Television, Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.08 per share. The ex-dividend date was Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 9.60%. Gray Television's payout ratio is 9.61%.

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.