Hudson Edge Investment Partners Inc. Buys 4,832 Shares of Gray Television, Inc. (NYSE:GTN)

Hudson Edge Investment Partners Inc. boosted its stake in Gray Television, Inc. (NYSE:GTN) by 11.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,388 shares of the company’s stock after purchasing an additional 4,832 shares during the period. Hudson Edge Investment Partners Inc.’s holdings in Gray Television were worth $236,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Gray Television by 9.8% in the 1st quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company’s stock valued at $35,786,000 after acquiring an additional 506,106 shares during the last quarter. Capital Management Corp VA raised its position in Gray Television by 18.6% in the first quarter. Capital Management Corp VA now owns 3,670,410 shares of the company’s stock valued at $23,197,000 after purchasing an additional 575,527 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Gray Television by 7.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,221,487 shares of the company’s stock valued at $19,905,000 after purchasing an additional 160,500 shares during the last quarter. Tributary Capital Management LLC boosted its stake in shares of Gray Television by 0.8% during the second quarter. Tributary Capital Management LLC now owns 1,334,714 shares of the company’s stock valued at $6,941,000 after purchasing an additional 10,093 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of Gray Television by 1.9% during the first quarter. Clearbridge Investments LLC now owns 1,307,308 shares of the company’s stock worth $8,262,000 after purchasing an additional 23,878 shares during the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Trading Down 0.9 %

Shares of Gray Television stock traded down $0.04 during midday trading on Friday, reaching $4.59. The company had a trading volume of 942,262 shares, compared to its average volume of 1,298,222. The stock has a fifty day moving average price of $5.21 and a 200 day moving average price of $5.65. Gray Television, Inc. has a fifty-two week low of $4.15 and a fifty-two week high of $10.07. The firm has a market cap of $455.04 million, a PE ratio of -38.25, a P/E/G ratio of 0.10 and a beta of 1.49. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.63 and a quick ratio of 1.63.

Gray Television (NYSE:GTN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). Gray Television had a return on equity of 3.02% and a net margin of 1.84%. The firm had revenue of $826.00 million during the quarter, compared to analyst estimates of $840.33 million. During the same quarter last year, the firm posted ($0.10) EPS. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. On average, equities analysts anticipate that Gray Television, Inc. will post 4.97 earnings per share for the current year.

Gray Television Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 6.97%. Gray Television’s dividend payout ratio (DPR) is currently -266.67%.

Analyst Upgrades and Downgrades

GTN has been the subject of a number of research reports. Wells Fargo & Company dropped their price objective on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a report on Friday, August 9th. Benchmark dropped their price target on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Guggenheim cut their price target on shares of Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Gray Television has an average rating of “Hold” and a consensus price target of $8.33.

Gray Television Profile

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.