Gray Television, Inc. (NYSE:GTN) saw some unusual options trading activity on Tuesday. Traders bought 4,776 put options on the company. This is an increase of approximately 1,547% compared to the typical volume of 290 put options.
In related news, major shareholder Harriett J. Robinson acquired 8,214 shares of the company’s stock in a transaction dated Thursday, March 15th. The stock was bought at an average price of $11.60 per share, with a total value of $95,282.40. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 12.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTN. Waratah Capital Advisors Ltd. purchased a new position in Gray Television in the 4th quarter worth approximately $11,700,000. Bank of New York Mellon Corp boosted its holdings in Gray Television by 143.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,022,406 shares of the company’s stock worth $17,124,000 after acquiring an additional 603,009 shares during the period. Allianz Asset Management GmbH boosted its holdings in Gray Television by 594.6% in the 4th quarter. Allianz Asset Management GmbH now owns 553,855 shares of the company’s stock worth $9,277,000 after acquiring an additional 474,115 shares during the period. BlackRock Inc. boosted its holdings in Gray Television by 11.6% in the 4th quarter. BlackRock Inc. now owns 4,535,908 shares of the company’s stock worth $75,976,000 after acquiring an additional 471,337 shares during the period. Finally, OppenheimerFunds Inc. boosted its holdings in Gray Television by 1,170.5% in the 4th quarter. OppenheimerFunds Inc. now owns 500,538 shares of the company’s stock worth $8,384,000 after acquiring an additional 461,141 shares during the period. Hedge funds and other institutional investors own 85.38% of the company’s stock.
GTN has been the subject of a number of research analyst reports. Guggenheim reaffirmed a “buy” rating and set a $20.00 price objective on shares of Gray Television in a research note on Thursday, March 1st. Barrington Research reiterated a “buy” rating and set a $22.00 target price on shares of Gray Television in a report on Tuesday, February 27th. Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Gray Television in a report on Thursday, February 15th. Jefferies Group initiated coverage on Gray Television in a report on Thursday, December 14th. They set a “buy” rating and a $18.00 target price for the company. Finally, ValuEngine cut Gray Television from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 30th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $19.00.
Shares of Gray Television stock opened at $12.25 on Thursday. The company has a current ratio of 5.08, a quick ratio of 5.08 and a debt-to-equity ratio of 1.84. Gray Television has a fifty-two week low of $11.70 and a fifty-two week high of $17.80. The stock has a market capitalization of $1,169.64, a PE ratio of 3.55, a PEG ratio of 1.63 and a beta of 2.53.
Gray Television (NYSE:GTN) last issued its earnings results on Tuesday, February 27th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.15. Gray Television had a return on equity of 11.91% and a net margin of 29.67%. The business had revenue of $233.60 million during the quarter, compared to analysts’ expectations of $232.24 million. During the same quarter in the previous year, the business earned $0.49 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. research analysts expect that Gray Television will post 1.86 earnings per share for the current fiscal year.
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Gray Television Company Profile
Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).
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