Gray Television (NYSE:GTN) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Gray Television (NYSE:GTN) from a buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

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. “

A number of other equities research analysts have also weighed in on GTN. TheStreet lowered shares of TIM Participacoes from a b rating to a c+ rating in a report on Tuesday, June 4th. Benchmark restated a buy rating on shares of Gray Television in a report on Thursday, May 9th. ValuEngine upgraded shares of Zogenix from a buy rating to a strong-buy rating in a report on Thursday, June 27th. Finally, Barrington Research set a $22.00 price target on shares of The Hackett Group and gave the company a buy rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Gray Television has an average rating of Buy and an average price target of $24.80.



Shares of GTN opened at $18.53 on Wednesday. Gray Television has a 1-year low of $13.75 and a 1-year high of $25.31. The firm’s 50-day moving average is $16.95. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 7.39, a price-to-earnings-growth ratio of 2.02 and a beta of 1.99. The company has a quick ratio of 2.51, a current ratio of 2.51 and a debt-to-equity ratio of 0.05.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. Gray Television had a net margin of 12.56% and a return on equity of 20.34%. The company had revenue of $518.00 million during the quarter, compared to analyst estimates of $498.41 million. During the same quarter last year, the business posted $0.22 EPS. The firm’s revenue for the quarter was up 129.2% on a year-over-year basis. Equities analysts predict that Gray Television will post 0.91 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Gray Television by 14.2% during the 4th quarter. BlackRock Inc. now owns 6,108,456 shares of the company’s stock valued at $90,040,000 after buying an additional 758,058 shares in the last quarter. Raymond James & Associates lifted its holdings in Gray Television by 18.8% during the 4th quarter. Raymond James & Associates now owns 26,010 shares of the company’s stock valued at $383,000 after buying an additional 4,120 shares in the last quarter. Citigroup Inc. lifted its holdings in Gray Television by 95.9% during the 4th quarter. Citigroup Inc. now owns 31,887 shares of the company’s stock valued at $470,000 after buying an additional 15,613 shares in the last quarter. NumerixS Investment Technologies Inc bought a new stake in Gray Television during the 4th quarter valued at about $110,000. Finally, Great West Life Assurance Co. Can lifted its holdings in Gray Television by 38.7% during the 4th quarter. Great West Life Assurance Co. Can now owns 10,961 shares of the company’s stock valued at $156,000 after buying an additional 3,061 shares in the last quarter. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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 28, 2019, it owned and operated television stations in 91 television markets broadcasting approximately 400 program streams, including approximately 150 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.

Recommended Story: How to Use the New Google Finance Tool

Get a free copy of the Zacks research report on Gray Television (GTN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Gray Television (NYSE:GTN)

Receive News & Ratings for Gray Television Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gray Television and related companies with MarketBeat.com's FREE daily email newsletter.