Short Interest in Gray Television, Inc. (NYSE:GTN) Decreases By 8.7%

Gray Television, Inc. (NYSE:GTN) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 6,210,000 shares, a drop of 8.7% from the June 30th total of 6,800,000 shares. Based on an average trading volume of 1,350,000 shares, the days-to-cover ratio is presently 4.6 days. Currently, 7.4% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GTN shares. Loop Capital upgraded shares of Gray Television to a “strong-buy” rating in a research report on Wednesday, May 8th. Wells Fargo & Company upped their target price on shares of Gray Television from $5.50 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, May 8th. Finally, Benchmark increased their target price on shares of Gray Television from $11.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.40.

Gray Television Price Performance

GTN stock traded down $0.35 on Thursday, reaching $6.08. The company had a trading volume of 1,002,175 shares, compared to its average volume of 1,245,922. The company has a debt-to-equity ratio of 2.99, a quick ratio of 1.42 and a current ratio of 1.42. The company’s fifty day moving average is $5.47 and its 200 day moving average is $6.40. The company has a market cap of $602.77 million, a P/E ratio of -50.67, a PEG ratio of 0.13 and a beta of 1.52. Gray Television has a 1 year low of $4.39 and a 1 year high of $10.69.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.25. The firm had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $824.98 million. Gray Television had a return on equity of 2.13% and a net margin of 1.30%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.48) EPS. On average, research analysts forecast that Gray Television will post 5.15 earnings per share for the current year.

Gray Television Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.08 per share. The ex-dividend date was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 5.26%. Gray Television’s dividend payout ratio (DPR) is currently -266.67%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in Gray Television in the 1st quarter worth about $25,000. CWM LLC grew its stake in shares of Gray Television by 61.5% during the 4th quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after buying an additional 1,149 shares during the period. nVerses Capital LLC acquired a new stake in shares of Gray Television during the 2nd quarter worth $27,000. Entropy Technologies LP purchased a new position in shares of Gray Television in the 1st quarter worth $73,000. Finally, Innealta Capital LLC acquired a new position in Gray Television in the first quarter valued at $74,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.