Peregrine Capital Management LLC Purchases 152,861 Shares of Gray Television, Inc. (NYSE:GTN)

Posted by James Conley on Mar 19th, 2023

Peregrine Capital Management LLC boosted its stake in shares of Gray Television, Inc. (NYSE:GTN – Get Rating) by 24.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 790,486 shares of the company’s stock after purchasing an additional 152,861 shares during the period. Peregrine Capital Management LLC’s holdings in Gray Television were worth $8,846,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of GTN. Captrust Financial Advisors lifted its position in shares of Gray Television by 219.5% in the second quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock valued at $26,000 after buying an additional 1,069 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Gray Television during the 1st quarter worth $73,000. Watershed Asset Management L.L.C. bought a new position in shares of Gray Television in the 3rd quarter valued at $77,000. Lazard Asset Management LLC bought a new position in shares of Gray Television in the 3rd quarter valued at $77,000. Finally, Advisor Group Holdings Inc. increased its stake in shares of Gray Television by 35.1% in the 1st quarter. Advisor Group Holdings Inc. now owns 6,415 shares of the company’s stock valued at $142,000 after purchasing an additional 1,667 shares during the last quarter. 81.33% of the stock is owned by institutional investors and hedge funds.

Gray Television Price Performance

NYSE:GTN opened at $8.36 on Friday. The firm has a market capitalization of $776.06 million, a price-to-earnings ratio of 1.93 and a beta of 1.61. Gray Television, Inc. has a 52-week low of $8.32 and a 52-week high of $23.68. The stock has a fifty day moving average of $11.66 and a 200 day moving average of $12.99. The company has a debt-to-equity ratio of 3.04, a quick ratio of 2.10 and a current ratio of 2.10.

Gray Television (NYSE:GTN – Get Rating) last posted its earnings results on Friday, February 24th. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.15. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Gray Television had a return on equity of 23.67% and a net margin of 12.38%. Gray Television’s quarterly revenue was up 48.7% on a year-over-year basis. During the same period last year, the firm earned $0.17 earnings per share. On average, research analysts expect that Gray Television, Inc. will post -0.03 EPS for the current fiscal year.

Gray Television Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, March 14th. This represents a $0.32 annualized dividend and a yield of 3.83%. Gray Television’s payout ratio is 7.37%.

Insider Buying and Selling at Gray Television

In other news, major shareholder Harriett J. Robinson acquired 68,750 shares of the business’s stock in a transaction on Monday, December 19th. The shares were acquired at an average cost of $17.82 per share, with a total value of $1,225,125.00. Following the transaction, the insider now owns 1,042,217 shares in the company, valued at approximately $18,572,306.94. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

GTN has been the topic of several recent research reports. TheStreet downgraded Gray Television from a “b-” rating to a “c” rating in a report on Thursday, December 8th. StockNews.com assumed coverage on Gray Television in a report on Thursday. They set a “sell” rating on the stock. Guggenheim cut their target price on Gray Television from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, February 28th. Finally, Benchmark lifted their target price on Gray Television from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, February 27th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $14.20.

Gray Television Company Profile

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Gray Television, Inc is a television broadcasting company, which engages in owning and operating television stations and digital assets in markets throughout the United States. It operates through the following segments: Broadcasting, and Production Companies. The Broadcasting segment operates television stations located across local markets in the United States.