Gray Television (NYSE:GTN) Sees Strong Trading Volume

Gray Television, Inc. (NYSE:GTN) saw unusually-high trading volume on Friday . Approximately 911,508 shares traded hands during mid-day trading, a decline of 20% from the previous session’s volume of 1,146,185 shares.The stock last traded at $5.28 and had previously closed at $5.00.

Wall Street Analyst Weigh In

GTN has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price on Gray Television from $5.50 to $6.00 and gave the company an “underweight” rating in a report on Wednesday, May 8th. Benchmark increased their target price on Gray Television from $11.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, Loop Capital upgraded Gray Television to a “strong-buy” rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Gray Television presently has a consensus rating of “Hold” and an average price target of $11.40.

Gray Television Price Performance

The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.99. The firm has a market capitalization of $515.53 million, a price-to-earnings ratio of -44.00, a P/E/G ratio of 0.09 and a beta of 1.50. The stock’s 50 day moving average price is $5.84 and its two-hundred day moving average price is $6.97.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.25. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $824.98 million. Gray Television had a net margin of 1.30% and a return on equity of 2.13%. Gray Television’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.48) earnings per share. Analysts anticipate that Gray Television, Inc. will post 5.24 EPS for the current fiscal year.

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.15%. The ex-dividend date of this dividend is Friday, June 14th. Gray Television’s payout ratio is -266.67%.

Hedge Funds Weigh In On Gray Television

Several hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Gray Television in the first quarter valued at about $25,000. CWM LLC grew its position in shares of Gray Television by 61.5% in the fourth quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after purchasing an additional 1,149 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Gray Television in the third quarter valued at about $41,000. Entropy Technologies LP acquired a new stake in shares of Gray Television in the first quarter valued at about $73,000. Finally, Innealta Capital LLC acquired a new stake in shares of Gray Television in the first quarter valued at about $74,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Television Company 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.