Gray Television, Inc. (NYSE:GTN) Plans $0.08 Quarterly Dividend

Gray Television, Inc. (NYSE:GTNGet Rating) declared a quarterly dividend on Friday, August 5th, Zacks reports. Stockholders of record on Thursday, September 15th will be given a dividend of 0.08 per share on Friday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Wednesday, September 14th.

Gray Television has a dividend payout ratio of 11.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Gray Television to earn $3.47 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 9.2%.

Gray Television Trading Down 1.0 %

GTN traded down $0.19 during mid-day trading on Friday, hitting $19.44. 814,473 shares of the stock were exchanged, compared to its average volume of 493,895. The firm’s fifty day moving average is $18.15 and its two-hundred day moving average is $20.15. Gray Television has a 1-year low of $16.13 and a 1-year high of $25.24. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 3.74. The company has a market cap of $1.85 billion, a PE ratio of 30.38, a PEG ratio of 0.37 and a beta of 1.70.

Gray Television (NYSE:GTNGet Rating) last posted its earnings results on Friday, May 6th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.27. Gray Television had a return on equity of 6.38% and a net margin of 4.19%. The firm had revenue of $827.00 million for the quarter, compared to analyst estimates of $805.23 million. During the same quarter in the prior year, the company earned $0.27 EPS. Gray Television’s revenue was up 52.0% on a year-over-year basis. Equities analysts forecast that Gray Television will post 5.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com lowered Gray Television from a “hold” rating to a “sell” rating in a research note on Tuesday, July 5th.

Insider Buying and Selling at Gray Television

In other Gray Television news, Director Robin Robinson Howell bought 3,000 shares of the business’s stock in a transaction dated Wednesday, May 11th. The shares were acquired at an average price of $19.00 per share, with a total value of $57,000.00. Following the transaction, the director now owns 1,692,554 shares of the company’s stock, valued at $32,158,526. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Jackson S. Iv Cowart sold 12,573 shares of the firm’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $20.15, for a total transaction of $253,345.95. Following the sale, the chief accounting officer now owns 3,487 shares of the company’s stock, valued at approximately $70,263.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robin Robinson Howell bought 3,000 shares of the business’s stock in a transaction dated Wednesday, May 11th. The shares were acquired at an average cost of $19.00 per share, for a total transaction of $57,000.00. Following the transaction, the director now directly owns 1,692,554 shares in the company, valued at approximately $32,158,526. The disclosure for this purchase can be found here. Insiders have sold 24,373 shares of company stock valued at $489,461 in the last quarter. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GTN. Point72 Hong Kong Ltd purchased a new position in Gray Television during the 1st quarter worth approximately $73,000. Advisor Group Holdings Inc. grew its stake in Gray Television by 35.1% during the 1st quarter. Advisor Group Holdings Inc. now owns 6,415 shares of the company’s stock worth $142,000 after buying an additional 1,667 shares during the last quarter. US Bancorp DE grew its stake in Gray Television by 73.5% during the 1st quarter. US Bancorp DE now owns 17,014 shares of the company’s stock worth $376,000 after buying an additional 7,207 shares during the last quarter. Walleye Capital LLC purchased a new position in Gray Television during the 1st quarter worth approximately $567,000. Finally, Wellington Management Group LLP purchased a new position in shares of Gray Television in the 1st quarter valued at approximately $619,000. Hedge funds and other institutional investors own 75.11% of the company’s stock.

Gray Television Company 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.

Further Reading

Dividend History for Gray Television (NYSE:GTN)

Receive News & Ratings for Gray Television Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gray Television and related companies with MarketBeat.com's FREE daily email newsletter.