Intech Investment Management LLC Acquires 5,528 Shares of Gray Television, Inc. (NYSE:GTN)

Intech Investment Management LLC grew its stake in shares of Gray Television, Inc. (NYSE:GTN) by 20.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,201 shares of the company’s stock after buying an additional 5,528 shares during the quarter. Intech Investment Management LLC’s holdings in Gray Television were worth $101,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of GTN. Capital Management Corp VA grew its position in Gray Television by 6.6% during the 4th quarter. Capital Management Corp VA now owns 5,763,336 shares of the company’s stock worth $18,155,000 after acquiring an additional 355,067 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Gray Television by 35.4% in the fourth quarter. Victory Capital Management Inc. now owns 44,352 shares of the company’s stock worth $140,000 after purchasing an additional 11,588 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Gray Television by 10.1% in the fourth quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company’s stock worth $3,057,000 after buying an additional 89,385 shares during the period. Rhumbline Advisers increased its stake in shares of Gray Television by 4.8% in the fourth quarter. Rhumbline Advisers now owns 142,935 shares of the company’s stock worth $450,000 after buying an additional 6,498 shares during the period. Finally, Empowered Funds LLC boosted its position in Gray Television by 5.2% during the 4th quarter. Empowered Funds LLC now owns 432,686 shares of the company’s stock valued at $1,363,000 after buying an additional 21,237 shares during the period. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Insider Activity

In related news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the transaction, the director now directly owns 55,347 shares of the company’s stock, valued at $213,085.95. This trade represents a 22.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 4.80% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on GTN. Wells Fargo & Company upgraded shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective on the stock in a research report on Monday, March 3rd. Guggenheim reduced their price target on Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $6.33.

Gray Television Trading Down 6.1 %

Shares of GTN opened at $4.41 on Friday. Gray Television, Inc. has a 1-year low of $2.91 and a 1-year high of $7.41. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. The firm’s 50-day moving average price is $4.01 and its 200-day moving average price is $4.35. The firm has a market capitalization of $447.30 million, a price-to-earnings ratio of 2.94 and a beta of 1.45.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.59. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. Sell-side analysts anticipate that Gray Television, Inc. will post 3.32 EPS for the current year.

Gray Television Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.08 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 7.26%. Gray Television’s dividend payout ratio (DPR) is 9.61%.

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.