Gray Television, Inc. (NYSE:GTN) Receives $6.67 Consensus Target Price from Brokerages

Gray Television, Inc. (NYSE:GTN) has been given an average rating of “Moderate Buy” by the five analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $6.67.

GTN has been the topic of a number of recent analyst reports. Benchmark cut their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Barrington Research upgraded shares of Gray Television to a “hold” rating in a report on Thursday, November 14th. Finally, Guggenheim cut their target price on shares of Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th.

Gray Television Trading Down 4.6 %

NYSE:GTN opened at $3.72 on Monday. The firm has a market capitalization of $370.77 million, a P/E ratio of 2.48, a P/E/G ratio of 0.14 and a beta of 1.36. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. The company has a fifty day moving average of $4.94 and a 200 day moving average of $5.11. Gray Television has a 52 week low of $3.65 and a 52 week high of $10.07.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.08). The firm had revenue of $950.00 million for the quarter, compared to the consensus estimate of $967.49 million. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The business’s revenue was up 18.3% on a year-over-year basis. During the same period last year, the company posted ($0.57) earnings per share. On average, research analysts predict that Gray Television will post 2.88 earnings per share for the current year.

Gray Television Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 8.60%. Gray Television’s payout ratio is 21.33%.

Insiders Place Their Bets

In other Gray Television news, EVP Kevin Paul Latek sold 150,216 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $4.37, for a total value of $656,443.92. Following the sale, the executive vice president now owns 509,212 shares in the company, valued at approximately $2,225,256.44. This represents a 22.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Gray Television

Several large investors have recently made changes to their positions in GTN. Franklin Resources Inc. raised its stake in Gray Television by 5.5% during the third quarter. Franklin Resources Inc. now owns 696,853 shares of the company’s stock valued at $3,951,000 after buying an additional 36,312 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Gray Television in the third quarter worth $59,000. Sanctuary Advisors LLC raised its position in shares of Gray Television by 15.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 180,677 shares of the company’s stock worth $968,000 after purchasing an additional 23,551 shares during the last quarter. Barclays PLC boosted its stake in Gray Television by 114.4% in the 3rd quarter. Barclays PLC now owns 272,272 shares of the company’s stock worth $1,460,000 after purchasing an additional 145,263 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Gray Television by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company’s stock valued at $10,568,000 after purchasing an additional 57,481 shares during the last quarter. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

About Gray Television

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.