Cornercap Investment Counsel Inc. Reduces Stake in Gray Television, Inc. (NYSE:GTN)

Cornercap Investment Counsel Inc. lessened its position in shares of Gray Television, Inc. (NYSE:GTN) by 71.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,769 shares of the company’s stock after selling 89,357 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Gray Television were worth $192,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Gray Television during the 1st quarter valued at about $25,000. nVerses Capital LLC bought a new position in Gray Television in the second quarter worth approximately $27,000. CWM LLC boosted its stake in shares of Gray Television by 733.1% during the 2nd quarter. CWM LLC now owns 7,448 shares of the company’s stock worth $39,000 after acquiring an additional 6,554 shares during the last quarter. Creative Planning purchased a new stake in shares of Gray Television in the 3rd quarter worth $56,000. Finally, HBK Sorce Advisory LLC bought a new position in Gray Television in the 2nd quarter worth $58,000. Institutional investors own 78.64% of the company’s stock.

Analysts Set New Price Targets

GTN has been the subject of several recent research reports. Barrington Research raised Gray Television to a “hold” rating in a report on Thursday, November 14th. Guggenheim reduced their target price on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Wells Fargo & Company dropped 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 decreased their price objective on shares of 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.67.

Gray Television Trading Down 5.1 %

Gray Television stock opened at $4.45 on Tuesday. Gray Television, Inc. has a 1 year low of $3.95 and a 1 year high of $10.07. The firm’s 50 day moving average price is $5.27 and its 200-day moving average price is $5.40. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.63. The stock has a market cap of $443.52 million, a P/E ratio of 2.97, a PEG ratio of 0.13 and a beta of 1.47.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The company had revenue of $950.00 million during the quarter, compared to the consensus estimate of $967.49 million. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The business’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.57) earnings per share. On average, equities analysts predict that Gray Television, Inc. will post 2.7 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 7.19%. The ex-dividend date of this dividend is Friday, December 13th. Gray Television’s dividend payout ratio is 21.33%.

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.