Denali Advisors LLC Has $1.86 Million Stake in Gray Television, Inc. (NYSE:GTN)

Denali Advisors LLC lifted its stake in shares of Gray Television, Inc. (NYSE:GTN) by 27.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 357,019 shares of the company’s stock after acquiring an additional 77,100 shares during the period. Denali Advisors LLC’s holdings in Gray Television were worth $1,856,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new stake in Gray Television in the first quarter valued at $25,000. nVerses Capital LLC acquired a new stake in shares of Gray Television in the 2nd quarter valued at about $27,000. CWM LLC increased its position in Gray Television by 733.1% in the 2nd quarter. CWM LLC now owns 7,448 shares of the company’s stock valued at $39,000 after buying an additional 6,554 shares in the last quarter. HBK Sorce Advisory LLC acquired a new position in Gray Television during the 2nd quarter worth approximately $58,000. Finally, Entropy Technologies LP bought a new position in Gray Television in the first quarter worth approximately $73,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Stock Performance

NYSE GTN opened at $4.90 on Tuesday. The company has a fifty day simple moving average of $5.17 and a 200 day simple moving average of $5.58. Gray Television, Inc. has a 12-month low of $4.15 and a 12-month high of $10.07. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98. The company has a market cap of $485.28 million, a P/E ratio of -40.79, a PEG ratio of 0.09 and a beta of 1.49.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The business had revenue of $826.00 million during the quarter, compared to analyst estimates of $840.33 million. During the same period in the previous year, the business posted ($0.10) EPS. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. Sell-side analysts predict that Gray Television, Inc. will post 4.97 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.54%. The ex-dividend date is Friday, September 13th. Gray Television’s dividend payout ratio (DPR) is presently -266.67%.

Wall Street Analyst Weigh In

Several research firms have recently commented on GTN. Guggenheim decreased their price objective on Gray Television from $12.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Wells Fargo & Company reduced their price target on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. Finally, Benchmark reduced their price target on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $8.33.

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.