Gray Television, Inc. (NYSE:GTN) Declares Quarterly Dividend of $0.08

Gray Television, Inc. (NYSE:GTNGet Rating) announced a quarterly dividend on Friday, August 5th, Zacks reports. Stockholders of record on Thursday, September 15th will be paid a dividend of 0.08 per share on Friday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Wednesday, September 14th.

Gray Television has a dividend payout ratio of 11.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Gray Television to earn $3.47 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 9.2%.

Gray Television Stock Down 1.0 %

Shares of NYSE GTN traded down $0.19 on Friday, hitting $19.44. The company had a trading volume of 814,473 shares, compared to its average volume of 493,895. Gray Television has a 12-month low of $16.13 and a 12-month high of $25.24. The business has a 50 day moving average of $18.15 and a two-hundred day moving average of $20.15. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 3.74. The firm has a market capitalization of $1.85 billion, a P/E ratio of 30.38, a PEG ratio of 0.37 and a beta of 1.70.

Gray Television (NYSE:GTNGet Rating) last issued its earnings results on Friday, May 6th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate 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 had revenue of $827.00 million during the quarter, compared to the consensus estimate of $805.23 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. The company’s revenue was up 52.0% compared to the same quarter last year. As a group, equities research analysts forecast that Gray Television will post 5.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, StockNews.com cut Gray Television from a “hold” rating to a “sell” rating in a research note on Tuesday, July 5th.

Insider Buying and Selling

In other Gray Television news, CAO Jackson S. Iv Cowart sold 12,573 shares of the company’s stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $20.15, for a total transaction of $253,345.95. Following the sale, the chief accounting officer now owns 3,487 shares in the company, valued at $70,263.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Gray Television news, CAO Jackson S. Iv Cowart sold 12,573 shares of the company’s stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $20.15, for a total transaction of $253,345.95. Following the sale, the chief accounting officer now owns 3,487 shares in the company, valued at $70,263.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robin Robinson Howell acquired 3,000 shares of the business’s stock in a transaction on Wednesday, May 11th. 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 director now directly owns 1,692,554 shares of the company’s stock, valued at $32,158,526. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 24,373 shares of company stock worth $489,461. 4.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Gray Television

A number of institutional investors and hedge funds have recently made changes to their positions in GTN. Baupost Group LLC MA acquired a new stake in shares of Gray Television during the 1st quarter worth approximately $28,491,000. Goldman Sachs Group Inc. raised its position in shares of Gray Television by 30.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,311,553 shares of the company’s stock worth $51,016,000 after purchasing an additional 533,361 shares during the period. First Trust Advisors LP raised its position in shares of Gray Television by 62.4% during the 1st quarter. First Trust Advisors LP now owns 327,191 shares of the company’s stock worth $7,221,000 after purchasing an additional 125,724 shares during the period. Vanguard Group Inc. grew its holdings in Gray Television by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 4,646,405 shares of the company’s stock worth $102,546,000 after buying an additional 97,570 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Gray Television by 2.6% in the 1st quarter. Clearbridge Investments LLC now owns 3,328,715 shares of the company’s stock worth $73,465,000 after buying an additional 84,614 shares in the last quarter. 75.11% of the stock is currently owned by institutional investors and hedge funds.

Gray Television Company Profile

(Get Rating)

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, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.

Further Reading

Dividend History for Gray Television (NYSE:GTN)

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