Rhumbline Advisers Raises Holdings in Gray Television, Inc. (NYSE:GTN)

Rhumbline Advisers boosted its holdings in shares of Gray Television, Inc. (NYSE:GTN) by 2.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 139,642 shares of the company’s stock after buying an additional 3,544 shares during the quarter. Rhumbline Advisers’ holdings in Gray Television were worth $726,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Gray Television by 3.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 91,405 shares of the company’s stock worth $578,000 after purchasing an additional 3,068 shares during the period. Diversified Trust Co boosted its position in shares of Gray Television by 13.7% during the second quarter. Diversified Trust Co now owns 25,633 shares of the company’s stock worth $133,000 after buying an additional 3,097 shares during the period. Dakota Wealth Management grew its stake in shares of Gray Television by 34.5% in the second quarter. Dakota Wealth Management now owns 14,753 shares of the company’s stock valued at $77,000 after buying an additional 3,781 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Gray Television in the first quarter valued at $25,000. Finally, nVerses Capital LLC purchased a new stake in shares of Gray Television in the 2nd quarter valued at $27,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Television Price Performance

Shares of NYSE GTN opened at $5.12 on Wednesday. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market cap of $507.59 million, a price-to-earnings ratio of -42.67, a price-to-earnings-growth ratio of 0.09 and a beta of 1.49. The stock’s 50-day moving average is $5.17 and its two-hundred day moving average is $5.54. Gray Television, Inc. has a 1-year low of $4.15 and a 1-year high of $10.07.

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 return on equity of 3.02% and a net margin of 1.84%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) earnings per share. Analysts forecast that Gray Television, Inc. will post 4.97 EPS for the current fiscal year.

Gray Television Announces Dividend

The company also recently disclosed 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 6.25%. Gray Television’s payout ratio is -266.67%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Benchmark lowered their target price on Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a report on Friday, August 9th. Wells Fargo & Company lowered their price objective on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research note on Friday, August 9th. Finally, Guggenheim cut their target price 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 investment analysts have rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Gray Television currently has a consensus rating of “Hold” and a consensus price target of $8.33.

About Gray Television

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.