Darsana Capital Partners LP Sells 1,150,100 Shares of Gray Television, Inc. (NYSE:GTN)

Darsana Capital Partners LP lowered its stake in Gray Television, Inc. (NYSE:GTN) by 21.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,092,063 shares of the company’s stock after selling 1,150,100 shares during the period. Gray Television makes up approximately 0.6% of Darsana Capital Partners LP’s holdings, making the stock its 14th largest holding. Darsana Capital Partners LP owned about 4.13% of Gray Television worth $21,279,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Management Corp VA raised its holdings in Gray Television by 18.6% during the 1st quarter. Capital Management Corp VA now owns 3,670,410 shares of the company’s stock valued at $23,197,000 after buying an additional 575,527 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in 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 acquiring an additional 568,400 shares during the period. Vanguard Group Inc. boosted its position in shares of Gray Television by 9.8% in the 1st quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company’s stock worth $35,786,000 after purchasing an additional 506,106 shares in the last quarter. CenterBook Partners LP purchased a new position in shares of Gray Television in the 4th quarter worth about $3,671,000. Finally, Empowered Funds LLC bought a new position in shares of Gray Television in the first quarter worth approximately $2,010,000. 78.64% of the stock is currently owned by institutional investors.

Gray Television Price Performance

Shares of Gray Television stock opened at $4.96 on Thursday. The stock’s 50-day simple moving average is $5.16 and its 200-day simple moving average is $5.54. Gray Television, Inc. has a 52 week low of $4.15 and a 52 week high of $10.07. The company has a market capitalization of $493.86 million, a price-to-earnings ratio of -41.29, a PEG ratio of 0.10 and a beta of 1.49. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 2.98.

Gray Television (NYSE:GTN) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The firm had revenue of $826.00 million during the quarter, compared to the consensus estimate of $840.33 million. Gray Television had a return on equity of 3.02% and a net margin of 1.84%. The business’s revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) EPS. As a group, analysts expect that Gray Television, Inc. will post 4.97 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.46%. Gray Television’s dividend payout ratio (DPR) is presently -266.67%.

Wall Street Analyst Weigh In

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