Gray Television, Inc. (NYSE:GTN) Shares Sold by Penn Capital Management Company LLC

Penn Capital Management Company LLC trimmed its holdings in shares of Gray Television, Inc. (NYSE:GTN - Free Report) by 9.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,736,182 shares of the company's stock after selling 185,045 shares during the period. Penn Capital Management Company LLC owned about 1.74% of Gray Television worth $5,469,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of GTN. State Street Corp increased its position in Gray Television by 1.9% during the third 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 in the last quarter. MML Investors Services LLC acquired a new position in Gray Television in the 3rd quarter valued at about $65,000. Barclays PLC lifted its holdings in Gray Television by 114.4% in the 3rd quarter. Barclays PLC now owns 272,272 shares of the company's stock valued at $1,460,000 after purchasing an additional 145,263 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Gray Television by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company's stock worth $10,568,000 after purchasing an additional 57,481 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Gray Television during the third quarter worth about $59,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on GTN. Wells Fargo & Company upgraded shares of 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. Guggenheim cut their price objective on shares of Gray Television from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $6.33.

Gray Television Stock Up 0.4 %

Shares of GTN traded up $0.02 during mid-day trading on Tuesday, reaching $3.45. 353,199 shares of the stock traded hands, compared to its average volume of 1,413,912. The firm has a market cap of $349.82 million, a price-to-earnings ratio of 2.29 and a beta of 1.08. The stock has a fifty day simple moving average of $3.91 and a 200 day simple moving average of $4.09. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television, Inc. has a 12-month low of $2.91 and a 12-month high of $7.41.

Gray Television (NYSE:GTN - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. Sell-side 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 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 annualized dividend and a yield of 9.29%. The ex-dividend date was Friday, March 14th. Gray Television's dividend payout ratio (DPR) is presently 9.61%.

Insiders Place Their Bets

In other news, Director Richard Lee Boger sold 16,000 shares of Gray Television 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 completion of the transaction, the director now directly owns 55,347 shares of the company's stock, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 15.22% of the stock is currently owned by corporate insiders.

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.