Short Interest in Gray Television (GTN) Expands By 61.3%

Gray Television (NYSE:GTN) was the recipient of a large increase in short interest in the month of March. As of March 29th, there was short interest totalling 4,469,758 shares, an increase of 61.3% from the March 15th total of 2,770,392 shares. Currently, 5.5% of the shares of the company are sold short. Based on an average trading volume of 1,935,815 shares, the short-interest ratio is currently 2.3 days.

In other news, major shareholder Harriett J. Robinson bought 8,214 shares of the business’s stock in a transaction that occurred on Thursday, March 15th. The shares were purchased at an average cost of $11.60 per share, with a total value of $95,282.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 9.98% of the stock is owned by corporate insiders.

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Large investors have recently bought and sold shares of the company. M&T Bank Corp acquired a new stake in shares of Gray Television during the 4th quarter valued at about $226,000. Adirondack Research & Management Inc. acquired a new stake in shares of Gray Television during the 4th quarter valued at about $3,045,000. QS Investors LLC acquired a new stake in shares of Gray Television during the 4th quarter valued at about $1,634,000. OxFORD Asset Management LLP purchased a new position in Gray Television in the 3rd quarter valued at about $612,000. Finally, Ameriprise Financial Inc. lifted its stake in Gray Television by 46.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 106,039 shares of the company’s stock valued at $1,665,000 after buying an additional 33,403 shares in the last quarter. Hedge funds and other institutional investors own 85.37% of the company’s stock.

Several brokerages have weighed in on GTN. Noble Financial reaffirmed a “buy” rating on shares of Gray Television in a research report on Monday, March 5th. Guggenheim reaffirmed a “buy” rating and set a $20.00 price target on shares of Gray Television in a research report on Thursday, March 1st. Zacks Investment Research downgraded Gray Television from a “hold” rating to a “sell” rating in a research report on Wednesday, February 28th. Barrington Research reaffirmed a “buy” rating and set a $22.00 price target on shares of Gray Television in a research report on Tuesday, February 27th. Finally, Benchmark reaffirmed a “buy” rating and set a $21.00 price target on shares of Gray Television in a research report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Gray Television presently has a consensus rating of “Buy” and a consensus target price of $19.00.

NYSE:GTN opened at $11.75 on Wednesday. Gray Television has a 52 week low of $11.25 and a 52 week high of $17.80. The company has a debt-to-equity ratio of 1.84, a quick ratio of 5.08 and a current ratio of 5.08. The stock has a market cap of $1,029.65, a PE ratio of 10.04, a price-to-earnings-growth ratio of 1.43 and a beta of 2.53.

Gray Television (NYSE:GTN) last posted its earnings results on Tuesday, February 27th. The company reported $0.40 EPS for the quarter, beating 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 firm had revenue of $233.60 million for the quarter, compared to analysts’ expectations of $232.24 million. During the same period last year, the firm earned $0.49 EPS. The company’s quarterly revenue was down 1.7% on a year-over-year basis. analysts expect that Gray Television will post 1.86 EPS for the current fiscal year.

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About Gray Television

Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.

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