Gray Television, Inc. (NYSE:GTN) Short Interest Down 7.9% in October

Gray Television, Inc. (NYSE:GTN) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 4,190,000 shares, a decrease of 7.9% from the October 15th total of 4,550,000 shares. Currently, 5.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,230,000 shares, the short-interest ratio is presently 3.4 days.

Gray Television Stock Down 1.8 %

Shares of NYSE GTN traded down $0.08 during trading hours on Tuesday, hitting $4.36. The company had a trading volume of 143,560 shares, compared to its average volume of 1,269,931. Gray Television has a 1-year low of $3.95 and a 1-year high of $10.07. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. The firm’s 50 day moving average is $5.27 and its 200-day moving average is $5.40. The stock has a market capitalization of $434.56 million, a P/E ratio of 2.97, a price-to-earnings-growth ratio of 0.17 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 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The firm had revenue of $950.00 million during the quarter, compared to analyst estimates of $967.49 million. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.57) EPS. On average, analysts expect that Gray Television will post 2.7 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 7.34%. The ex-dividend date of this dividend is Friday, December 13th. Gray Television’s dividend payout ratio (DPR) is presently 21.33%.

Institutional Trading of Gray Television

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Gray Television during the 1st quarter worth approximately $25,000. nVerses Capital LLC bought a new position in Gray Television during the second quarter worth $27,000. CWM LLC increased its holdings in shares of Gray Television by 733.1% in the second quarter. CWM LLC now owns 7,448 shares of the company’s stock valued at $39,000 after purchasing an additional 6,554 shares during the last quarter. Creative Planning bought a new position in shares of Gray Television in the third quarter valued at about $56,000. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of Gray Television during the 2nd quarter worth about $58,000. Institutional investors own 78.64% of the company’s stock.

Wall Street Analyst Weigh In

GTN has been the topic of a number of recent research reports. Benchmark dropped their target price on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Barrington Research raised shares of Gray Television to a “hold” rating in a research report on Thursday, November 14th. Guggenheim reduced their target price on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company reduced 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.67.

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.