Allianz Asset Management GmbH cut its stake in Gray Television, Inc. (NYSE: GTN – Get Rating) by 26.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,266 shares of the company stock after selling 21,058 shares during the period. Allianz Asset Management GmbH owned approximately 0.06% of Gray Television worth $ 1,175,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in Gray Television by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,470,158 shares of the company stock valued at $ 33,549,000 after buying an additional 42,946 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Gray Television by 4.7% during the fourth quarter. New York State Common Retirement Fund now owns 1,421,455 shares of the company stock worth $ 28,657,000 after purchasing an additional 64,449 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Gray Television by 8.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,357,490 shares of the company stock worth $ 27,366,000 after purchasing an additional 106,689 shares in the last quarter. Boston Partners lifted its position in shares of Gray Television by 39.3% during the fourth quarter. Boston Partners now owns 1,256,193 shares of the company stock worth $ 25,451,000 after purchasing an additional 354,405 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its position in shares of Gray Television by 1.3% during the third quarter. Macquarie Group Ltd. now owns 1,232,187 shares of the company stock worth $ 28,119,000 after purchasing an additional 15,915 shares in the last quarter. 75.11% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently commented on GTN shares. Loop Capital boosted their target price on shares of Gray Television from $ 30.00 to $ 33.00 and gave the stock a “buy” rating in a research report on Monday, March 7th. Zacks Investment Research upgraded shares of Gray Television from a “hold” rating to a “strong-buy” rating and set a $ 22.00 price target for the company in a research note on Friday, May 13th. Wells Fargo & Company lifted their price target on shares of Gray Television from $ 26.00 to $ 28.00 and gave the stock an “overweight” rating in a research note on Monday, February 28th. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research note on Tuesday, May 10th. Finally, Barrington Research lifted their price target on shares of Gray Television from $ 25.00 to $ 28.00 in a research note on Wednesday, March 2nd.
In related news, Director D Patrick Laplatney sold 60,000 shares of the company stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $ 20.93, for a total value of $ 1,255,800.00. Following the completion of the sale, the director now owns 348,849 shares of the company stock, valued at $ 7,301,409.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James C. Ryan sold 50,000 shares of the company stock in a transaction dated Friday, April 1st. The stock was sold at an average price of $ 22.13, for a total transaction of $ 1,106,500.00. Following the completion of the sale, the chief financial officer now directly owns 468,248 shares of the company stock, valued at approximately $ 10,362,328.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 138,373 shares of company stock valued at $ 2,931,761. Corporate insiders own 4.80% of the company stock.
GTN stock opened at $ 19.46 on Thursday. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.80 and a quick ratio of 2.80. Gray Television, Inc. has a 1-year low of $ 18.14 and a 1-year high of $ 25.24. The firm has a fifty day moving average price of $ 20.33 and a two-hundred day moving average price of $ 21.16. The firm has a market cap of $ 1.85 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 0.37 and a beta of 1.73.
Gray Television (NYSE: GTN – Get Rating) last released its earnings results on Friday, May 6th. The company reported $ 0.52 earnings per share for the quarter, beating the consensus estimate of $ 0.25 by $ 0.27. Gray Television had a net margin of 4.19% and a return on equity of 6.35%. The firm had revenue of $ 827.00 million during the quarter, compared to analyst estimates of $ 805.23 million. During the same quarter in the previous year, the firm earned $ 0.27 earnings per share. The firm’s revenue for the quarter was up 52.0% compared to the same quarter last year. As a group, analysts expect that Gray Television, Inc. will post 5.27 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be issued a dividend of $ 0.08 per share. This represents a $ 0.32 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Tuesday, June 14th. Gray Television’s dividend payout ratio (DPR) is 50.00%.
Gray Television Profile: (Get Rating)
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, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news / weather channels in various markets.
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