Guggenheim Lowers Gray Television (NYSE:GTN) Price Target to $8.00

Gray Television (NYSE:GTN) had its target price decreased by Guggenheim from $10.00 to $8.00 in a report published on Tuesday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other equities analysts have also recently commented on GTN. StockNews.com raised shares of Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Wells Fargo & Company cut their price objective on Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a report on Friday, August 9th. Finally, Benchmark cut their target price on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.67.

Gray Television Trading Down 2.1 %

Shares of GTN stock opened at $4.69 on Tuesday. The company has a market capitalization of $467.45 million, a PE ratio of 3.13, a price-to-earnings-growth ratio of 0.12 and a beta of 1.47. Gray Television has a 52-week low of $3.95 and a 52-week high of $10.07. The business’s fifty day moving average is $5.27 and its 200 day moving average is $5.42. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.63 and a current ratio of 1.13.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Friday, November 8th. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.08). Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The business had revenue of $950.00 million during the quarter, compared to analysts’ expectations of $967.49 million. During the same period in the previous year, the business earned ($0.57) EPS. The business’s revenue was up 18.3% on a year-over-year basis. On average, equities research analysts anticipate that Gray Television will post 3.54 EPS for the current fiscal year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.82%. Gray Television’s dividend payout ratio (DPR) is currently 21.33%.

Institutional Investors Weigh In On Gray Television

A number of hedge funds and other institutional investors have recently modified their holdings of GTN. Vanguard Group Inc. grew its position in Gray Television by 9.8% during the 1st quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company’s stock worth $35,786,000 after acquiring an additional 506,106 shares during the last quarter. GSA Capital Partners LLP increased its stake in shares of Gray Television by 287.9% in the third quarter. GSA Capital Partners LLP now owns 232,832 shares of the company’s stock worth $1,248,000 after buying an additional 172,801 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Gray Television by 168.1% in the first quarter. BNP Paribas Financial Markets now owns 67,101 shares of the company’s stock worth $424,000 after buying an additional 42,075 shares during the period. Russell Investments Group Ltd. raised its holdings in Gray Television by 3.2% during the 1st quarter. Russell Investments Group Ltd. now owns 212,937 shares of the company’s stock valued at $1,346,000 after buying an additional 6,652 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in Gray Television by 454.2% during the 2nd quarter. Squarepoint Ops LLC now owns 142,541 shares of the company’s stock valued at $741,000 after buying an additional 116,821 shares during the period. Institutional investors 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.