Gray Television (NYSE:GTN) Shares Gap Up to $6.66

Gray Television, Inc. (NYSE:GTN - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $6.66, but opened at $6.97. Gray Television shares last traded at $7.14, with a volume of 215,627 shares traded.

Wall Street Analyst Weigh In

GTN has been the topic of several analyst reports. Wells Fargo & Company increased their target price on shares of Gray Television from $6.00 to $7.00 and gave the stock an "underweight" rating in a research report on Friday, February 9th. Barrington Research reaffirmed a "market perform" rating on shares of Gray Television in a research report on Tuesday, February 27th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Gray Television has a consensus rating of "Hold" and an average price target of $12.80.

Gray Television Stock Performance

The stock has a market cap of $650.27 million, a P/E ratio of -5.14, a P/E/G ratio of 0.15 and a beta of 1.55. The firm has a 50 day moving average of $5.89 and a two-hundred day moving average of $7.39. The company has a debt-to-equity ratio of 3.12, a quick ratio of 1.18 and a current ratio of 1.18.

Gray Television (NYSE:GTN - Get Free Report) last posted its quarterly earnings data on Friday, February 23rd. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.08). Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The business had revenue of $864.00 million during the quarter, compared to the consensus estimate of $863.31 million. During the same period in the prior year, the company posted $1.88 earnings per share. The firm's revenue was down 19.4% compared to the same quarter last year. On average, research analysts predict that Gray Television, Inc. will post 4.21 EPS for the current fiscal year.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date was Thursday, March 14th. Gray Television's dividend payout ratio is currently -23.02%.

Insider Activity at Gray Television

In other news, CEO Hilton H. Howell, Jr. bought 10,000 shares of Gray Television stock in a transaction that occurred on Thursday, March 28th. The stock was purchased at an average cost of $8.09 per share, with a total value of $80,900.00. Following the completion of the transaction, the chief executive officer now directly owns 2,982,386 shares in the company, valued at $24,127,502.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.83% of the stock is owned by corporate insiders.

Institutional Trading of Gray Television

Several institutional investors have recently bought and sold shares of GTN. Allspring Global Investments Holdings LLC acquired a new stake in shares of Gray Television in the first quarter valued at $25,000. CWM LLC increased its position in Gray Television by 61.5% in the 4th quarter. CWM LLC now owns 3,017 shares of the company's stock valued at $27,000 after acquiring an additional 1,149 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Gray Television in the third quarter worth about $41,000. Sonora Investment Management Group LLC acquired a new position in shares of Gray Television during the third quarter worth approximately $73,000. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in shares of Gray Television during the third quarter valued at approximately $85,000. Institutional investors and hedge funds own 78.64% of the company's stock.

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.