Insider Buying: Gray Television Inc. (GTN) Director Acquires $91,440.00 in Stock
Gray Television Inc. (NYSE:GTN) Director Harriett J. Robinson acquired 12,000 shares of the company’s stock in a transaction on Thursday, November 10th. The stock was acquired at an average price of $7.62 per share, for a total transaction of $91,440.00. Following the purchase, the director now directly owns 986,653 shares of the company’s stock, valued at $7,518,295.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Gray Television Inc. (NYSE:GTN) opened at 9.60 on Friday. Gray Television Inc. has a 12 month low of $7.00 and a 12 month high of $17.70. The company’s 50-day moving average price is $9.38 and its 200-day moving average price is $10.74. The firm has a market cap of $690.04 million, a P/E ratio of 16.99 and a beta of 3.25.
Gray Television (NYSE:GTN) last posted its quarterly earnings data on Tuesday, November 8th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.39 by $0.13. Gray Television had a net margin of 5.57% and a return on equity of 13.68%. The firm earned $204.50 million during the quarter, compared to analysts’ expectations of $220.35 million. During the same quarter in the previous year, the company posted $0.18 EPS. Gray Television’s revenue for the quarter was up 35.3% on a year-over-year basis. On average, analysts predict that Gray Television Inc. will post $1.50 EPS for the current year.
Several research firms have issued reports on GTN. Zacks Investment Research upgraded Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, September 5th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Gray Television in a research report on Monday, September 26th. Finally, TheStreet downgraded Gray Television from a “buy” rating to a “hold” rating in a research report on Monday, October 31st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $18.75.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTN. Teacher Retirement System of Texas boosted its position in Gray Television by 18.5% in the second quarter. Teacher Retirement System of Texas now owns 9,196 shares of the company’s stock valued at $100,000 after buying an additional 1,434 shares during the last quarter. BlackRock Inc. raised its stake in Gray Television by 43.6% in the second quarter. BlackRock Inc. now owns 9,627 shares of the company’s stock worth $105,000 after buying an additional 2,922 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in Gray Television during the third quarter worth $109,000. Sei Investments Co. raised its stake in Gray Television by 407.6% in the second quarter. Sei Investments Co. now owns 10,441 shares of the company’s stock worth $113,000 after buying an additional 8,384 shares in the last quarter. Finally, Palo Capital Inc. purchased a new stake in Gray Television during the third quarter worth $133,000. 82.35% of the stock is currently owned by hedge funds and other institutional investors.
About Gray Television
Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in markets across the United States. The Company owns and/or operates television stations in approximately 50 television markets broadcasting over 180 separate programming streams, including approximately 40 affiliates of the CBS Network (CBS), over 30 affiliates of the NBC Network (NBC), approximately 20 affiliates of the ABC Network (ABC) and over 10 affiliates of the FOX Network (FOX).
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