Brokerages Set Gray Television, Inc. (NYSE:GTN) Target Price at $8.33

Shares of Gray Television, Inc. (NYSE:GTN) have been given an average rating of “Moderate Buy” by the five analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $8.33.

A number of equities research analysts have weighed in on GTN shares. Benchmark dropped their price target on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Guggenheim cut their target price 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. Finally, Wells Fargo & Company lowered their price target on Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research report on Friday, August 9th.

Institutional Trading of Gray Television

A number of large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in Gray Television in the first quarter valued at $25,000. CWM LLC boosted its stake in shares of Gray Television by 61.5% in the 4th quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after buying an additional 1,149 shares during the period. nVerses Capital LLC acquired a new position in shares of Gray Television during the second quarter worth about $27,000. HBK Sorce Advisory LLC purchased a new stake in shares of Gray Television during the second quarter worth approximately $58,000. Finally, Choreo LLC acquired a new stake in Gray Television in the second quarter valued at approximately $60,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Television Stock Down 1.0 %

GTN stock opened at $4.59 on Friday. The firm has a market cap of $454.55 million, a PE ratio of -38.21, a PEG ratio of 0.10 and a beta of 1.52. Gray Television has a one year low of $4.15 and a one year high of $10.07. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.63 and a current ratio of 1.63. The firm’s 50 day moving average price is $5.21 and its 200-day moving average price is $5.67.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.01). The business had revenue of $826.00 million during the quarter, compared to analyst estimates of $840.33 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period last year, the company earned ($0.10) EPS. On average, equities research analysts anticipate that Gray Television will post 4.97 EPS for the current year.

Gray Television Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.08 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 6.98%. Gray Television’s dividend payout ratio is presently -266.67%.

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.