Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Gray Television, Inc. (NYSE: GTN – Get Rating) by 19.3% during the 1st quarter, according to its latest 13F filing with the SEC. The fund held 13,279 shares of the company after selling 3,184 shares during the quarter. Zurcher Kantonalbank Zurcher Kantonalbank’s holdings in Gray Television were worth $293,000 at the end of the last reporting period.
A number of other institutional investors and hedge funds also bought and sold shares of the company. Goldman Sachs Group Inc. increased its holdings of Gray Television shares by 20.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,778,192 shares of the company valued at $35,849,000 after purchasing an additional 305,712 shares in the last quarter. The New York State Common Retirement Fund increased its stake in Gray Television by 4.7% during the 4th quarter. The New York State Common Retirement Fund now owns 1,421,455 shares of the company valued at $28,657,000 after purchasing an additional 64,449 shares in the last quarter. JPMorgan Chase & Co. increased its equity stake in Gray Television by 8.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,357,490 shares of the company worth $27,366,000 after buying an additional 106,689 shares last quarter. Millennium Management LLC increased its stake in shares of Gray Television by 538.8% in the fourth quarter. Millennium Management LLC now owns 1,326,449 shares of the company worth $26,741,000 after purchasing an additional 1,118,789 shares in the last quarter. Finally, Boston Partners increased its equity stake in Gray Television by 39.3% during the fourth quarter. Boston Partners now owns 1,256,193 shares of the company valued at $25,451,000 after purchasing an additional 354,405 shares last quarter. 75.11% of the shares are currently held by institutional investors.
Changes to analyst ratings
Separately, StockNews.com downgraded Gray Television from a “hold” rating to a “sell” rating in a Tuesday, July 5 report.
Insider buying and selling
In other Gray Television news, Director Robin Robinson Howell bought 3,000 shares of Gray Television in a deal on Wednesday, May 11. The shares were acquired at an average cost of $19.00 per share, with a total value of $57,000.00. Following the completion of the acquisition, the administrator now owns 1,692,554 shares of the company, valued at $32,158,526. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Separately, Chief Financial Officer James C. Ryan sold 11,511 shares of the company in a transaction that took place on Monday, May 16. The stock was sold at an average price of $20.01, for a total transaction of $230,335.11. Following the completion of the transaction, the CFO now directly owns 452,448 shares of the company, valued at approximately $9,053,484.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Additionally, director Robin Robinson Howell purchased 3,000 shares of the company in a trade on Wednesday, May 11. The shares were purchased at an average price of $19.00 per share, for a total transaction of $57,000.00. Following the purchase, the administrator now owns 1,692,554 shares of the company, valued at approximately $32,158,526. Disclosure of this purchase can be found here. During the last quarter, insiders sold 28,373 shares of the company valued at $569,461. 4.80% of the shares are held by insiders.
Gray TV up 3.9%
Shares of GTN opened at $16.88 on Friday. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt ratio of 3.74. Gray Television, Inc. has a 12 month minimum of $16.13 and a 12 month maximum of $25.24. The stock has a market capitalization of $1.61 billion, a P/E ratio of 26.38, a P/E/G ratio of 0.32 and a beta of 1.73. The company’s 50-day moving average is $18.43 and its 200-day moving average is $20.45.
Gray Television (NYSE:GTN – Get Rating) last released its quarterly results on Friday, May 6. The company reported earnings per share (EPS) of $0.52 for the quarter, beating analyst consensus estimates of $0.25 by $0.27. Gray Television had a return on equity of 6.38% and a net margin of 4.19%. The company posted revenue of $827.00 million for the quarter, versus a consensus estimate of $805.23 million. During the same period last year, the company posted EPS of $0.27. The company’s revenue for the quarter increased 52.0% year over year. Research analysts expect Gray Television, Inc. to post earnings per share of 5.27 for the current year.
Gray Television announces dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 30. Shareholders of record on Wednesday, June 15 received a dividend of $0.08. This represents an annualized dividend of $0.32 and a dividend yield of 1.90%. The ex-dividend date was Tuesday, June 14. Gray Television’s dividend payout ratio (DPR) is currently 50.00%.
Gray Television Company Profile
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Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also carries secondary digital channels affiliated with 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 FILMS! Network; and local news/weather channels in various markets.
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