Gray Television, Inc. (NYSE:GTN) Receives $8.33 Consensus Target Price from Analysts

Gray Television, Inc. (NYSE:GTN) has been given an average recommendation of “Moderate Buy” by the five analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $8.33.

Several research firms have recently weighed in on GTN. 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. Benchmark dropped their price target on Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, 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 note on Wednesday, August 14th.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Hudson Edge Investment Partners Inc. acquired a new position in shares of Gray Television during the fourth quarter valued at $246,000. Vanguard Group Inc. boosted its stake in shares of Gray Television by 9.8% in the 1st quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company’s stock valued at $35,786,000 after purchasing an additional 506,106 shares during the last quarter. CenterBook Partners LP acquired a new stake in shares of Gray Television during the 4th quarter worth approximately $3,671,000. CastleKnight Management LP bought a new stake in shares of Gray Television during the fourth quarter worth approximately $1,591,000. Finally, Empowered Funds LLC bought a new stake in shares of Gray Television during the first quarter worth approximately $2,010,000. 78.64% of the stock is currently owned by institutional investors.

Gray Television Price Performance

Gray Television stock opened at $5.31 on Wednesday. The business has a 50 day simple moving average of $5.14 and a 200 day simple moving average of $5.53. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market capitalization of $526.42 million, a PE ratio of -44.25, a price-to-earnings-growth ratio of 0.10 and a beta of 1.49. Gray Television has a one year low of $4.15 and a one year high of $10.07.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $826.00 million for the quarter, compared to the consensus estimate of $840.33 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.10) earnings per share. On average, sell-side analysts forecast that Gray Television will post 4.97 EPS for the current fiscal year.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 6.03%. The ex-dividend date of this dividend is Friday, September 13th. Gray Television’s dividend payout ratio (DPR) 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.