Norges Bank Invests $2.17 Million in Gray Television, Inc. (NYSE:GTN)

Norges Bank acquired a new stake in Gray Television, Inc. (NYSE:GTN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 688,900 shares of the company's stock, valued at approximately $2,170,000. Norges Bank owned approximately 0.69% of Gray Television at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS acquired a new position in Gray Television during the fourth quarter worth $43,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Gray Television during the third quarter worth $59,000. MML Investors Services LLC acquired a new stake in shares of Gray Television during the third quarter worth approximately $65,000. EP Wealth Advisors LLC acquired a new stake in Gray Television during the third quarter valued at approximately $67,000. Finally, AXQ Capital LP bought a new position in shares of Gray Television during the fourth quarter valued at approximately $72,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Television Stock Performance

NYSE GTN traded down $0.01 on Thursday, reaching $3.34. The stock had a trading volume of 135,818 shares, compared to its average volume of 1,409,747. 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 firm has a fifty day moving average of $4.02 and a two-hundred day moving average of $4.22. Gray Television, Inc. has a 1-year low of $2.91 and a 1-year high of $7.41. The company has a market cap of $338.65 million, a P/E ratio of 2.22 and a beta of 1.08.

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

Gray Television Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors 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%.

Insider Buying and Selling at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.80% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on GTN shares. Wells Fargo & Company upgraded Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price objective for the company in a research report on Monday, March 3rd. 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 report on Monday, March 10th. 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 presently has an average rating of "Moderate Buy" and an average target price of $6.33.

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.