GTN Gray Television, Inc.

Gray Television, Inc. is a television broadcasting company, which engages in owning and operating television stations and digital assets in markets throughout the United States. It operates through the following segments: Broadcasting, and Production Companies. The Broadcasting segment operates television stations located across local markets in the United States. The Production Companies segment includes the production of television and event content. The company was founded in January 1897 and is headquartered in Atlanta, GA.

Company profile

Ticker

GTN

Exchange

NYSE

Website

www.gray.tv

CEO

Hilton H. Howell / Donald Patrick LaPlatney

Incorporated in

Georgia

Location

Georgia

Fiscal year end

Dec 31

Sector

Consumer Services > Broadcasting

Industry (SEC)

Television Broadcasting Stations

ViacomCBS • Tribune Media • TEGNA • Fox • Sinclair Broadcast • Central European Media Enterprises • Nexstar Media • Liberty Media • Entravision Communications • Phoenix New Media ...

Former names

Gray Communications Systems Inc

SEC CIK

0000043196

Corporate docs

Articles of Incorporation & Bylaws

IRS number

580285030

GTN stock data

S&P 500

1M 1Y 2Y 5Y

Calendar

7 May 20

15 Jul 20

31 Dec 20

News

Company financial data Financial data

Chart GTN financial data

Quarter (USD)	Mar 20	Dec 19	Sep 19	Jun 19
Revenue	534M	579M	517M	508M
Net income	53M	94M	59M	44M
Diluted EPS	0.4	0.81	0.46	0.31
Net profit margin	9.93%	16.23%	11.41%	8.66%
Operating income	124M	180M	139M	119M
Net change in cash	84M	-114M	75M	26M
Cash on hand	296M	212M	326M	251M

Annual (USD)	Dec 19	Dec 18	Dec 17	Dec 16
Revenue	2.12B	1.08B	882.73M	812.47M
Net income	179M	211M	262M	62.27M
Diluted EPS	1.27	2.37	3.55	0.86
Net profit margin	8.44%	19.46%	29.68%	7.66%
Operating income	478M	389M	290M	234.3M
Net change in cash	-455M	204.6M	137.21M	227.87M
Cash on hand	212M	667M	462.4M	325.19M

Financial data from company earnings reports

Recent insider trades

GTN insider ownership history Insider history

Date	Owner	Security	Transaction	Code	10b5-1	$Price	#Shares	$Value	#Remaining
30 Jun 20	Howell Hilton H JR	Class A Common Stock	Buy	Aquire P	No	13.026	2,000	26.05K	1,164,338
30 Jun 20	Howell Robin Robinson	Class A Common Stock	Buy	Aquire P	No	13.026	2,000	26.05K	1,164,338
29 Jun 20	Howell Hilton H JR	Class A Common Stock	Buy	Aquire P	No	13.08	2,000	26.16K	1,162,338
29 Jun 20	Howell Robin Robinson	Class A Common Stock	Buy	Aquire P	No	13.08	2,000	26.16K	1,162,338
1 Jun 20	Jackson S Iv Cowart	Gray Common Stock - GTN	Payment of exercise	Dispose F	No	14.3	902	12.9K	11,547
1 Jun 20	Jackson S Iv Cowart	Gray Common Stock - GTN	Payment of exercise	Dispose F	No	14.3	1,203	17.2K	15,195
28 May 20	Elder T L	Common Stock	Sell	Dispose S	No	14.4795	4,000	57.92K	38,942
26 May 20	McTear Paul	Common Stock	Buy	Aquire P	No	14.39	5,000	71.95K	49,334
24 Mar 20	Jackson S Iv Cowart	Gray Common Stock - GTN	Other	Aquire J	No	0	2,139	0	12,449
24 Mar 20	Jackson S Iv Cowart	Gray Common Stock - GTN	Other	Aquire J	No	0	1,872	0	8,755

Data from 3, 4 and 5 filings. Stock values as filed, not updated for current price.

Institutional ownership Q1 2020

GTN institutional ownership history Ownership history

89.7% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	174	192	-9.4%
Opened positions	31	31	–
Closed positions	49	25	+96.0%
Increased positions	53	50	+6.0%
Reduced positions	66	71	-7.0%

13F shares	Current	Prev Q	Change
Total value	3.11B	5.65B	-44.9%
Total shares	82.85M	85.26M	-2.8%
Total puts	165.8K	82.5K	+101.0%
Total calls	181.6K	162.6K	+11.7%
Total put/call ratio	0.9	0.5	+79.9%

Largest owners	Shares	Value	Change
Darsana Capital Partners	8M	$85.92M	0.0%
Retirement Systems of Alabama	7.13M	$76.54M	0.0%
Dimensional Fund Advisors	6.97M	$74.88M	-1.1%
BLK BlackRock	6.73M	$72.33M	+0.3%
Vanguard	4.72M	$50.73M	+3.8%
Clearbridge Advisors	4.42M	$47.47M	+35.2%
UBS UBS	4.3M	$46.23M	+560.9%
NEU Neuberger Berman	3.19M	$34.29M	-2.7%
FMR	2.86M	$30.68M	-49.1%
STT State Street	1.88M	$20.19M	+1.6%

Largest transactions	Shares	Bought/sold	Change
UBS UBS	4.3M	+3.65M	+560.9%
FMR	2.86M	-2.76M	-49.1%
FRLG Goldman Sachs	371.56K	-1.64M	-81.5%
Copper Rock Capital Partners	0	-1.16M	EXIT
Clearbridge Advisors	4.42M	+1.15M	+35.2%
Alden Global Capital	986.3K	+986.3K	NEW
New Mountain Vantage Advisers, L.L.C.	91.66K	-792.36K	-89.6%
Carlson Capital L P	718.8K	+718.8K	NEW
Granahan Investment Management	870.28K	+677.21K	+350.8%
Brightline Capital Management	0	-580K	EXIT

Data from 13F filings. Stock values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Tribune Media

Management Discussion

Revenue. Total revenue increased $16 million, or 3%, to $534 million in the 2020 three-month period. Total revenue increased primarily due to political advertising revenue that increased by $33 million, resulting primarily from 2020 being the “on-year” of the two-year election cycle. Retransmission consent revenue increased by $9 million. Combined, local and national revenue decreased by $11 million in the 2020 three-month period and production company revenue decreased by $18 million. We attribute these decreases primarily to the effects of the COVID-19 pandemic which has affected our customers and our sports and event programming. Local and national revenue from the broadcast of the 2020 Super Bowl on our FOX-affiliated stations was approximately $3 million, compared to $5 million that we earned from the broadcast of the 2019 Super Bowl on our CBS-affiliated stations.

Content analysis ?

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. freshman Avg

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From filing 10-Q 2020 Q1