Gray Television, Inc. (NYSE:GTN) Position Boosted by Miller Value Partners LLC

Miller Value Partners LLC raised its position in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 132.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,384,450 shares of the company's stock after acquiring an additional 1,926,330 shares during the period. Gray Television makes up 4.6% of Miller Value Partners LLC's portfolio, making the stock its 10th biggest position. Miller Value Partners LLC owned about 3.40% of Gray Television worth $10,661,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Capital Management Corp VA lifted its stake in shares of Gray Television by 6.6% during 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 in the last quarter. State Street Corp lifted its stake in shares of Gray Television by 1.9% in the third quarter. State Street Corp now owns 2,009,896 shares of the company's stock worth $10,773,000 after acquiring an additional 36,541 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Gray Television by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company's stock worth $10,568,000 after acquiring an additional 57,481 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Gray Television by 52.6% in 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, Bank of New York Mellon Corp lifted its stake in shares of 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 worth $3,057,000 after acquiring an additional 89,385 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wells Fargo & Company upgraded Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price objective on the stock in a research note on Monday, March 3rd. Guggenheim cut 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. Three equities 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.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $6.33.

Insider Buying and Selling

In related news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the transaction, the director now owns 55,347 shares of the company's stock, valued at approximately $213,085.95. This trade represents a 22.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.22% of the stock is owned by corporate insiders.

Gray Television Stock Performance

NYSE:GTN traded down $0.15 during midday trading on Wednesday, reaching $3.32. 452,149 shares of the company traded hands, compared to its average volume of 1,412,508. Gray Television, Inc. has a twelve month low of $2.91 and a twelve month high of $7.41. 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 fifty day moving average price of $3.90 and a 200 day moving average price of $4.09. The firm has a market capitalization of $337.12 million, a price-to-earnings ratio of 2.21 and a beta of 1.08.

Gray Television (NYSE:GTN - Get Free Report) last posted its 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 company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.04 billion. On average, analysts expect that Gray Television, Inc. will post 3.32 EPS for the current fiscal year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 9.64%. The ex-dividend date of this dividend was Friday, March 14th. Gray Television's dividend payout ratio is currently 9.61%.

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.