Gray Television, Inc. (NYSE:GTN) saw a large increase in short interest during the month of December. As of December 29th, there was short interest totalling 4,138,334 shares, an increase of 32.8% from the December 15th total of 3,115,129 shares. Approximately 5.1% of the company’s stock are sold short. Based on an average daily volume of 1,138,995 shares, the days-to-cover ratio is currently 3.6 days.
Gray Television (NYSE:GTN) traded down $0.20 during trading hours on Wednesday, reaching $15.25. 510,962 shares of the company were exchanged, compared to its average volume of 800,973. Gray Television has a 1-year low of $11.70 and a 1-year high of $17.80. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. The firm has a market cap of $1,361.24, a price-to-earnings ratio of 8.43, a PEG ratio of 1.98 and a beta of 2.46.
Several research analysts have recently commented on GTN shares. ValuEngine lowered shares of Gray Television from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Guggenheim started coverage on shares of Gray Television in a research note on Wednesday, October 18th. They set a “buy” rating and a $20.00 price target on the stock. Zacks Investment Research lowered shares of Gray Television from a “hold” rating to a “strong sell” rating in a research note on Friday, December 15th. Benchmark restated a “buy” rating and set a $21.00 price target on shares of Gray Television in a research note on Tuesday, November 7th. Finally, Jefferies Group initiated coverage on shares of Gray Television in a research note on Thursday, December 14th. They issued a “buy” rating and a $18.00 target price on the stock. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $18.57.
In other news, EVP Kevin Paul Latek sold 97,634 shares of the stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $16.96, for a total transaction of $1,655,872.64. Following the transaction, the executive vice president now owns 219,706 shares in the company, valued at approximately $3,726,213.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 12.00% of the company’s stock.
A number of large investors have recently bought and sold shares of GTN. FMR LLC grew its stake in Gray Television by 52.1% in the 2nd quarter. FMR LLC now owns 5,870,039 shares of the company’s stock valued at $80,419,000 after buying an additional 2,011,342 shares during the last quarter. Royal Bank of Canada boosted its holdings in Gray Television by 221.6% in the 2nd quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock valued at $36,828,000 after purchasing an additional 1,852,301 shares during the period. Waratah Capital Advisors Ltd. bought a new stake in Gray Television in the 4th quarter valued at $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 valued at $17,124,000 after purchasing an additional 603,009 shares during the period. Finally, Hillcrest Asset Management LLC bought a new stake in Gray Television in the 3rd quarter valued at $8,728,000. Institutional investors and hedge funds own 68.37% of the company’s stock.
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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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