Creative Planning Takes Position in Gray Television, Inc. (NYSE:GTN)

Creative Planning purchased a new stake in shares of Gray Television, Inc. (NYSE:GTN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,451 shares of the company’s stock, valued at approximately $56,000.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Gray Television by 9.8% during the 1st quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company’s stock valued at $35,786,000 after purchasing an additional 506,106 shares during the period. BNP Paribas Financial Markets lifted its holdings in Gray Television by 168.1% in the first quarter. BNP Paribas Financial Markets now owns 67,101 shares of the company’s stock valued at $424,000 after buying an additional 42,075 shares during the period. Russell Investments Group Ltd. boosted its stake in Gray Television by 3.2% in the first quarter. Russell Investments Group Ltd. now owns 212,937 shares of the company’s stock valued at $1,346,000 after acquiring an additional 6,652 shares during the last quarter. Squarepoint Ops LLC grew its holdings in Gray Television by 454.2% during the 2nd quarter. Squarepoint Ops LLC now owns 142,541 shares of the company’s stock worth $741,000 after acquiring an additional 116,821 shares during the period. Finally, Diversified Trust Co grew its holdings in Gray Television by 13.7% during the 2nd quarter. Diversified Trust Co now owns 25,633 shares of the company’s stock worth $133,000 after acquiring an additional 3,097 shares during the period. Institutional investors own 78.64% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Benchmark reduced their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday. Wells Fargo & Company decreased their target price on Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. Guggenheim cut their price target on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a report on Monday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Gray Television has a consensus rating of “Moderate Buy” and an average target price of $6.67.

Gray Television Trading Down 2.7 %

NYSE:GTN opened at $4.39 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 business’s 50-day simple moving average is $5.27 and its 200-day simple moving average is $5.44. Gray Television, Inc. has a fifty-two week low of $3.95 and a fifty-two week high of $10.07. The stock has a market capitalization of $437.55 million, a PE ratio of 2.93, a price-to-earnings-growth ratio of 0.10 and a beta of 1.47.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The company had revenue of $950.00 million during the quarter, compared to the consensus estimate of $967.49 million. During the same period in the previous year, the firm posted ($0.57) EPS. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. Sell-side analysts expect that Gray Television, Inc. will post 4.37 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 7.29%. The ex-dividend date is Friday, December 13th. Gray Television’s dividend payout ratio (DPR) is presently 21.33%.

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.