Zacks Investment Research downgraded shares of Gray Television (NYSE:GTN) from a buy rating to a hold rating in a research report released on Thursday.
According to Zacks, “Gray Television is a communications company headquartered in Atlanta, Georgia, and currently operates 15 CBS-affiliated television stations, seven NBC-affiliated television stations, seven ABC-affiliated television stations and four daily newspapers. “
Other analysts have also issued reports about the company. Wells Fargo & Co lifted their target price on Gray Television from $18.00 to $28.00 and gave the stock an outperform rating in a research report on Tuesday, June 26th. Barrington Research reaffirmed a buy rating and set a $19.00 target price on shares of Gray Television in a research report on Tuesday, August 7th. Noble Financial reaffirmed a buy rating on shares of Gray Television in a research report on Thursday, May 10th. Gabelli reaffirmed a buy rating on shares of Gray Television in a research report on Wednesday, June 20th. Finally, TheStreet raised Gray Television from a c rating to a b- rating in a research report on Tuesday, June 26th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Gray Television has an average rating of Buy and a consensus price target of $21.50.
NYSE:GTN traded up $0.15 during mid-day trading on Thursday, hitting $16.65. The company had a trading volume of 19,356 shares, compared to its average volume of 775,552. The company has a debt-to-equity ratio of 1.74, a current ratio of 4.69 and a quick ratio of 4.69. Gray Television has a 1 year low of $10.70 and a 1 year high of $17.80. The firm has a market capitalization of $1.51 billion, a PE ratio of 14.27, a price-to-earnings-growth ratio of 0.86 and a beta of 2.51.
Gray Television (NYSE:GTN) last released its quarterly earnings data on Tuesday, August 7th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. Gray Television had a return on equity of 11.89% and a net margin of 25.99%. The company had revenue of $250.34 million for the quarter, compared to analyst estimates of $252.11 million. equities analysts anticipate that Gray Television will post 1.98 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its holdings in Gray Television by 5.6% in the second quarter. Rhumbline Advisers now owns 80,504 shares of the company’s stock valued at $1,272,000 after buying an additional 4,300 shares during the last quarter. GW&K Investment Management LLC increased its holdings in Gray Television by 40.4% in the first quarter. GW&K Investment Management LLC now owns 16,195 shares of the company’s stock valued at $206,000 after buying an additional 4,660 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in Gray Television by 34.0% in the first quarter. BNP Paribas Arbitrage SA now owns 18,995 shares of the company’s stock valued at $241,000 after buying an additional 4,823 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Gray Television by 3.2% in the first quarter. Russell Investments Group Ltd. now owns 171,183 shares of the company’s stock valued at $2,174,000 after buying an additional 5,373 shares during the last quarter. Finally, California Public Employees Retirement System increased its holdings in Gray Television by 4.0% in the second quarter. California Public Employees Retirement System now owns 150,028 shares of the company’s stock valued at $2,370,000 after buying an additional 5,728 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.
About Gray Television
Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.
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