HBK Sorce Advisory LLC Invests $58,000 in Gray Television, Inc. (NYSE:GTN)

HBK Sorce Advisory LLC purchased a new stake in shares of Gray Television, Inc. (NYSE:GTN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,068 shares of the company’s stock, valued at approximately $58,000.

Several other large investors have also recently added to or reduced their stakes in GTN. Capital Management Corp VA increased its stake in Gray Television by 18.6% during the first quarter. Capital Management Corp VA now owns 3,670,410 shares of the company’s stock valued at $23,197,000 after purchasing an additional 575,527 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Gray Television by 232.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 813,000 shares of the company’s stock valued at $5,138,000 after buying an additional 568,400 shares during the last quarter. Vanguard Group Inc. raised its stake in Gray Television by 9.8% during the first quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company’s stock worth $35,786,000 after acquiring an additional 506,106 shares during the period. CenterBook Partners LP acquired a new stake in Gray Television during the fourth quarter worth about $3,671,000. Finally, Empowered Funds LLC bought a new position in Gray Television in the first quarter worth about $2,010,000. 78.64% of the stock is currently owned by institutional investors.

Gray Television Stock Up 8.5 %

NYSE GTN opened at $4.98 on Monday. Gray Television, Inc. has a 12 month low of $4.15 and a 12 month high of $10.07. The company has a market capitalization of $496.36 million, a P/E ratio of -41.50, a PEG ratio of 0.09 and a beta of 1.49. The company’s 50 day simple moving average is $5.17 and its 200 day simple moving average is $5.58. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.63 and a quick ratio of 1.63.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $826.00 million for the quarter, compared to analyst estimates of $840.33 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. Gray Television’s revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.10) EPS. Equities research analysts expect that Gray Television, Inc. will post 4.97 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 6.43%. Gray Television’s dividend payout ratio is currently -266.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a report on Friday, August 9th. Benchmark dropped their target price on Gray Television from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Guggenheim decreased their price target on Gray Television from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Gray Television currently has a consensus rating of “Hold” and an average target price of $8.33.

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.