Gray Television, Inc. (NYSE:GTN) Sees Significant Drop in Short Interest

Gray Television, Inc. (NYSE:GTN) was the target of a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 4,420,000 shares, a drop of 7.3% from the December 15th total of 4,770,000 shares. Based on an average daily volume of 1,380,000 shares, the short-interest ratio is currently 3.2 days. Approximately 5.2% of the company’s shares are short sold.

Gray Television Trading Up 3.0 %

GTN stock traded up $0.10 during mid-day trading on Friday, reaching $3.31. The company had a trading volume of 806,154 shares, compared to its average volume of 1,538,182. The company has a market capitalization of $329.41 million, a PE ratio of 2.20 and a beta of 1.39. The firm has a 50 day moving average of $3.78 and a 200 day moving average of $4.76. Gray Television has a 12 month low of $2.91 and a 12 month high of $10.07. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.08). The firm had revenue of $950.00 million during the quarter, compared to the consensus estimate of $967.49 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period last year, the company earned ($0.57) EPS. On average, equities analysts predict that Gray Television will post 3.06 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 9.68%. The ex-dividend date of this dividend was Friday, December 13th. Gray Television’s payout ratio is 21.33%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GTN shares. Barrington Research raised shares of Gray Television to a “hold” rating in a research report on Thursday, November 14th. Guggenheim reduced their price target on Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. StockNews.com raised Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Benchmark cut their price objective 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.67.

Insider Activity

In other news, EVP Kevin Paul Latek sold 150,216 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $4.37, for a total value of $656,443.92. Following the sale, the executive vice president now owns 509,212 shares of the company’s stock, valued at approximately $2,225,256.44. This represents a 22.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 13.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GTN. Franklin Resources Inc. increased its holdings in shares of Gray Television by 5.5% in the 3rd quarter. Franklin Resources Inc. now owns 696,853 shares of the company’s stock valued at $3,951,000 after acquiring an additional 36,312 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Gray Television in the third quarter valued at about $59,000. Sanctuary Advisors LLC raised its holdings in Gray Television by 15.0% in the third quarter. Sanctuary Advisors LLC now owns 180,677 shares of the company’s stock worth $968,000 after purchasing an additional 23,551 shares in the last quarter. Barclays PLC lifted its position in shares of Gray Television by 114.4% during the third quarter. Barclays PLC now owns 272,272 shares of the company’s stock valued at $1,460,000 after buying an additional 145,263 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Gray Television by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company’s stock valued at $10,568,000 after buying an additional 57,481 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.