Readystate Asset Management LP Acquires 32,822 Shares of Gray Television, Inc. (NYSE:GTN)

Readystate Asset Management LP increased its holdings in Gray Television, Inc. (NYSE:GTN) by 61.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 85,822 shares of the company’s stock after buying an additional 32,822 shares during the period. Readystate Asset Management LP owned 0.09% of Gray Television worth $769,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Rhumbline Advisers boosted its holdings in Gray Television by 0.8% in the 2nd quarter. Rhumbline Advisers now owns 113,045 shares of the company’s stock worth $1,909,000 after buying an additional 867 shares during the period. Captrust Financial Advisors boosted its holdings in Gray Television by 219.5% in the 2nd quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock valued at $26,000 after purchasing an additional 1,069 shares during the period. Guggenheim Capital LLC boosted its holdings in Gray Television by 3.8% in the 1st quarter. Guggenheim Capital LLC now owns 30,927 shares of the company’s stock valued at $683,000 after purchasing an additional 1,118 shares during the period. CWM LLC boosted its holdings in Gray Television by 61.5% in the 4th 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 period. Finally, Credit Suisse AG boosted its holdings in Gray Television by 2.1% in the 3rd quarter. Credit Suisse AG now owns 73,320 shares of the company’s stock valued at $1,051,000 after purchasing an additional 1,509 shares during the period. 78.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Barrington Research reissued a “market perform” rating on shares of Gray Television in a report on Tuesday, February 27th. Wells Fargo & Company raised their price target on shares of Gray Television from $6.00 to $7.00 and gave the company an “underweight” rating in a report on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.80.

Insider Buying and Selling

In other Gray Television news, CEO Hilton H. Howell, Jr. bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were bought at an average price of $8.09 per share, for a total transaction of $80,900.00. Following the transaction, the chief executive officer now directly owns 2,982,386 shares in the company, valued at $24,127,502.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.80% of the stock is owned by corporate insiders.

Gray Television Price Performance

Shares of NYSE GTN traded up $0.14 during mid-day trading on Thursday, reaching $5.79. 907,020 shares of the company were exchanged, compared to its average volume of 1,162,991. Gray Television, Inc. has a 52 week low of $5.44 and a 52 week high of $10.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.12. The stock has a market capitalization of $562.79 million, a PE ratio of -4.17, a PEG ratio of 0.15 and a beta of 1.57. The company’s 50 day moving average price is $6.33 and its 200 day moving average price is $7.41.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Friday, February 23rd. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). Gray Television had a negative return on equity of 3.76% and a negative net margin of 2.32%. The company had revenue of $864.00 million for the quarter, compared to the consensus estimate of $863.31 million. During the same period in the prior year, the firm posted $1.88 earnings per share. The business’s revenue was down 19.4% on a year-over-year basis. Sell-side analysts forecast that Gray Television, Inc. will post 3.78 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.53%. The ex-dividend date was Thursday, March 14th. Gray Television’s dividend payout ratio is currently -23.02%.

About Gray Television

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.