Gray Television (NYSE:GTN) Lifted to Hold at ValuEngine

ValuEngine upgraded shares of Gray Television (NYSE:GTN) from a sell rating to a hold rating in a report published on Thursday, ValuEngine reports.

Several other research firms have also recently weighed in on GTN. Zacks Investment Research raised Gray Television from a sell rating to a hold rating in a research report on Tuesday, October 15th. TheStreet raised Gray Television from a c+ rating to a b- rating in a research report on Wednesday, September 11th. Wells Fargo & Co initiated coverage on Gray Television in a research report on Monday, September 23rd. They set an outperform rating and a $21.00 price objective for the company. Finally, Stephens set a $27.00 price objective on Gray Television and gave the stock a buy rating in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Gray Television presently has a consensus rating of Buy and a consensus price target of $24.17.

Shares of NYSE GTN traded down $0.16 during trading hours on Thursday, hitting $16.42. 350,096 shares of the company’s stock were exchanged, compared to its average volume of 566,243. Gray Television has a 1-year low of $13.60 and a 1-year high of $25.31. The company has a debt-to-equity ratio of 2.89, a current ratio of 2.93 and a quick ratio of 2.93. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 6.76, a PEG ratio of 2.51 and a beta of 2.08. The company’s 50-day moving average price is $15.78 and its 200-day moving average price is $17.85.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.03. Gray Television had a return on equity of 19.25% and a net margin of 10.78%. The business had revenue of $508.00 million during the quarter, compared to analysts’ expectations of $508.79 million. During the same quarter in the previous year, the firm earned $0.46 EPS. The firm’s revenue was up 103.2% compared to the same quarter last year. On average, research analysts expect that Gray Television will post 0.66 earnings per share for the current year.

In other news, major shareholder Harriett J. Robinson purchased 7,500 shares of the business’s stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $14.87 per share, with a total value of $111,525.00. Following the acquisition, the insider now directly owns 1,008,467 shares in the company, valued at approximately $14,995,904.29. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Hilton H. Howell, Jr. purchased 1,800 shares of the business’s stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $14.76 per share, with a total value of $26,568.00. Following the acquisition, the chairman now owns 992,224 shares in the company, valued at $14,645,226.24. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 10,600 shares of company stock valued at $158,230. Insiders own 10.14% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd raised its holdings in shares of Gray Television by 134.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 5,945 shares of the company’s stock worth $97,000 after buying an additional 3,414 shares in the last quarter. New York State Teachers Retirement System acquired a new position in shares of Gray Television in the 2nd quarter worth approximately $115,000. Bank of Montreal Can raised its holdings in shares of Gray Television by 3,422.7% in the 2nd quarter. Bank of Montreal Can now owns 7,926 shares of the company’s stock worth $130,000 after buying an additional 7,701 shares in the last quarter. Lowe Brockenbrough & Co. Inc. acquired a new position in shares of Gray Television in the 2nd quarter worth approximately $164,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Gray Television by 84.8% in the 2nd quarter. Meeder Asset Management Inc. now owns 13,264 shares of the company’s stock worth $218,000 after buying an additional 6,087 shares in the last quarter. 84.39% of the stock is owned by hedge funds and other institutional investors.

Gray Television Company Profile

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.

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Analyst Recommendations for Gray Television (NYSE:GTN)

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