Gray Television (NYSE:GTN) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Gray Television (NYSE:GTN) from a sell rating to a hold rating in a research note published on Monday.

GTN has been the topic of a number of other research reports. Guggenheim reduced their price objective on Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Benchmark reduced their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a report on Monday. Finally, Wells Fargo & Company dropped their price objective on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Gray Television has a consensus rating of “Moderate Buy” and an average price target of $7.33.

Gray Television Price Performance

Gray Television stock opened at $4.51 on Monday. The company has a fifty day simple moving average of $5.29 and a 200-day simple moving average of $5.45. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 2.98. The firm has a market capitalization of $449.01 million, a price-to-earnings ratio of 3.00, a PEG ratio of 0.10 and a beta of 1.47. Gray Television has a 52-week low of $3.95 and a 52-week high of $10.07.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.08). Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The business had revenue of $950.00 million for the quarter, compared to analysts’ expectations of $967.49 million. During the same period in the prior year, the company posted ($0.57) EPS. The firm’s revenue was up 18.3% on a year-over-year basis. On average, equities analysts anticipate that Gray Television will post 4.37 EPS for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 7.10%. The ex-dividend date is Friday, December 13th. Gray Television’s dividend payout ratio (DPR) is presently 21.33%.

Institutional Trading of Gray Television

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Gray Television during the 1st quarter worth approximately $25,000. nVerses Capital LLC purchased a new position in shares of Gray Television during the second quarter worth $27,000. CWM LLC grew its stake in shares of Gray Television by 733.1% in the second quarter. CWM LLC now owns 7,448 shares of the company’s stock valued at $39,000 after buying an additional 6,554 shares in the last quarter. Creative Planning purchased a new stake in shares of Gray Television in the 3rd quarter valued at $56,000. Finally, HBK Sorce Advisory LLC acquired a new position in Gray Television during the 2nd quarter worth about $58,000. 78.64% of the stock is owned by institutional investors and hedge funds.

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.