Gray Television (NYSE:GTN) Upgraded by StockNews.com to “Hold” Rating

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

A number of other research firms also recently commented on GTN. Wells Fargo & Company reduced 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 decreased their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a report on Monday. Finally, Guggenheim lowered 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Gray Television presently has an average rating of “Moderate Buy” and an average target price of $6.67.

Gray Television Stock Up 8.9 %

NYSE GTN opened at $4.79 on Monday. Gray Television has a twelve month low of $3.95 and a twelve month high of $10.07. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.63 and a current ratio of 1.13. The stock has a market cap of $477.40 million, a PE ratio of 3.19, a PEG ratio of 0.10 and a beta of 1.47. The firm has a 50-day simple moving average of $5.27 and a 200 day simple moving average of $5.43.

Gray Television (NYSE:GTN) last released its quarterly earnings data on Friday, November 8th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.57) earnings per share. On average, research analysts forecast that Gray Television will post 4.37 EPS for the current year.

Gray Television Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 6.68%. Gray Television’s dividend payout ratio (DPR) is presently 21.33%.

Institutional Trading of Gray Television

Several hedge funds have recently modified their holdings of GTN. Allspring Global Investments Holdings LLC bought a new stake in Gray Television during the 1st quarter worth approximately $25,000. nVerses Capital LLC bought a new position in Gray Television in the 2nd quarter valued at $27,000. CWM LLC boosted its stake in Gray Television by 733.1% in the second quarter. CWM LLC now owns 7,448 shares of the company’s stock worth $39,000 after purchasing an additional 6,554 shares in the last quarter. Creative Planning bought a new stake in shares of Gray Television during the third quarter worth $56,000. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of Gray Television in the second quarter valued at $58,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.