Kingsview Wealth Management LLC Makes New Investment in Gray Television, Inc. (NYSE:GTN)

Kingsview Wealth Management LLC acquired a new position in shares of Gray Television, Inc. (NYSE:GTN) in the 4th quarter, Holdings Channel.com reports. The fund acquired 107,937 shares of the company’s stock, valued at approximately $340,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Capital Management Corp VA boosted its position in Gray Television by 27.6% in the 3rd quarter. Capital Management Corp VA now owns 5,408,269 shares of the company’s stock valued at $28,988,000 after buying an additional 1,170,990 shares during the period. State Street Corp grew its stake in Gray Television by 1.9% in the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company’s stock worth $10,773,000 after acquiring an additional 36,541 shares in the last quarter. Geode Capital Management LLC grew its stake in Gray Television by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company’s stock worth $10,568,000 after acquiring an additional 57,481 shares in the last quarter. Franklin Resources Inc. grew its stake in Gray Television by 5.5% in the 3rd quarter. Franklin Resources Inc. now owns 696,853 shares of the company’s stock worth $3,951,000 after acquiring an additional 36,312 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Gray Television by 20.1% in the 3rd quarter. Empowered Funds LLC now owns 411,449 shares of the company’s stock worth $2,205,000 after acquiring an additional 68,795 shares in the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Gray Television

In related news, EVP Kevin Paul Latek sold 150,216 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $4.37, for a total transaction of $656,443.92. Following the completion of the sale, the executive vice president now owns 509,212 shares of the company’s stock, valued at $2,225,256.44. This represents a 22.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.80% of the stock is currently owned by corporate insiders.

Gray Television Price Performance

NYSE GTN opened at $3.86 on Friday. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The firm’s 50 day moving average price is $3.55 and its 200-day moving average price is $4.54. Gray Television, Inc. has a 52-week low of $2.91 and a 52-week high of $8.66. The company has a market cap of $384.23 million, a PE ratio of 2.57 and a beta of 1.41.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GTN shares. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Guggenheim dropped their price objective on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Barrington Research upgraded shares of Gray Television to a “hold” rating in a research note on Thursday, November 14th. Finally, Benchmark dropped their price objective on shares of Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.67.

Gray Television Company 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.