Arcadia Investment Management Corp MI Increases Stock Holdings in Gray Television, Inc. (NYSE:GTN)

Arcadia Investment Management Corp MI increased its stake in shares of Gray Television, Inc. (NYSE:GTN) by 38.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 172,785 shares of the company’s stock after buying an additional 47,850 shares during the quarter. Arcadia Investment Management Corp MI owned 0.17% of Gray Television worth $898,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Victory Capital Management Inc. grew its stake in shares of Gray Television by 463.3% in the 2nd quarter. Victory Capital Management Inc. now owns 61,846 shares of the company’s stock worth $322,000 after acquiring an additional 50,866 shares in the last quarter. Heritage Family Offices LLP bought a new stake in Gray Television in the 2nd quarter worth about $71,000. Rhumbline Advisers increased its stake in Gray Television by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 139,642 shares of the company’s stock valued at $726,000 after buying an additional 3,544 shares during the last quarter. Versor Investments LP bought a new position in shares of Gray Television during the 2nd quarter worth approximately $84,000. Finally, nVerses Capital LLC purchased a new position in shares of Gray Television in the 2nd quarter worth approximately $27,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Guggenheim decreased their price target on Gray Television from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Benchmark lowered their target price on Gray Television from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Wells Fargo & Company reduced their price target on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.33.

Gray Television Price Performance

Shares of GTN remained flat at $4.63 during mid-day trading on Friday. The company’s stock had a trading volume of 123,769 shares, compared to its average volume of 1,293,464. Gray Television, Inc. has a 52-week low of $4.15 and a 52-week high of $10.07. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.63 and a current ratio of 1.63. The stock’s 50 day moving average price is $5.22 and its two-hundred day moving average price is $5.69. The company has a market capitalization of $459.01 million, a price-to-earnings ratio of -38.58, a P/E/G ratio of 0.10 and a beta of 1.52.

Gray Television (NYSE:GTN) last announced its quarterly earnings data 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). The firm had revenue of $826.00 million during the quarter, compared to the consensus estimate of $840.33 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. As a group, research analysts expect that Gray Television, Inc. will post 4.97 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 6.91%. Gray Television’s dividend payout ratio is -266.67%.

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.