Wells Fargo & Company Lowers Gray Television (NYSE:GTN) Price Target to $4.00

Gray Television (NYSE:GTN) had its price target dropped by investment analysts at Wells Fargo & Company from $6.00 to $4.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential downside of 8.88% from the stock’s current price.

A number of other equities research analysts have also recently commented on GTN. Benchmark lifted their price target on shares of Gray Television from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Loop Capital raised Gray Television to a “strong-buy” rating in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.50.

Gray Television Stock Down 2.2 %

Shares of NYSE GTN traded down $0.10 during mid-day trading on Friday, reaching $4.39. 2,124,074 shares of the company’s stock traded hands, compared to its average volume of 1,281,498. The company has a debt-to-equity ratio of 2.99, a current ratio of 1.42 and a quick ratio of 1.42. The business has a 50-day simple moving average of $5.39 and a 200 day simple moving average of $6.21. The stock has a market cap of $435.22 million, a P/E ratio of -36.58, a PEG ratio of 0.12 and a beta of 1.52. Gray Television has a 1-year low of $4.18 and a 1-year high of $10.07.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. The firm had revenue of $826.00 million during the quarter, compared to the consensus estimate of $840.33 million. Gray Television had a return on equity of 2.13% and a net margin of 1.30%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) earnings per share. On average, analysts expect that Gray Television will post 5.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Gray Television

A number of large investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new position in Gray Television during the fourth quarter valued at approximately $109,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Gray Television during the 4th quarter valued at $964,000. Mackenzie Financial Corp increased its holdings in shares of Gray Television by 111.3% in the fourth quarter. Mackenzie Financial Corp now owns 36,127 shares of the company’s stock worth $324,000 after purchasing an additional 19,026 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Gray Television by 66.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,768 shares of the company’s stock worth $240,000 after buying an additional 10,687 shares in the last quarter. Finally, Capital Management Corp VA raised its position in shares of Gray Television by 27.2% in the fourth quarter. Capital Management Corp VA now owns 3,094,883 shares of the company’s stock worth $27,730,000 after buying an additional 661,760 shares in the last quarter. 78.64% of the stock is owned by institutional investors.

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.