Brokerages Set Gray Television, Inc. (NYSE:GTN) Target Price at $6.67

Gray Television, Inc. (NYSE:GTN) has been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $6.67.

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

Insider Activity

In related news, EVP Kevin Paul Latek sold 150,216 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $4.37, for a total transaction of $656,443.92. Following the completion of the transaction, the executive vice president now directly owns 509,212 shares in the company, valued at $2,225,256.44. This trade represents a 22.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.80% of the company’s stock.

Institutional Trading of Gray Television

Several hedge funds have recently made changes to their positions in the business. Capital Management Corp VA boosted its holdings in Gray Television by 27.6% in the third quarter. Capital Management Corp VA now owns 5,408,269 shares of the company’s stock valued at $28,988,000 after purchasing an additional 1,170,990 shares during the period. State Street Corp boosted its stake in shares of Gray Television by 1.9% in the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company’s stock valued at $10,773,000 after buying an additional 36,541 shares during the period. Geode Capital Management LLC boosted its stake in shares of Gray Television by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company’s stock valued at $10,568,000 after buying an additional 57,481 shares during the period. Tributary Capital Management LLC grew its position in shares of Gray Television by 0.8% during the second quarter. Tributary Capital Management LLC now owns 1,334,714 shares of the company’s stock worth $6,941,000 after buying an additional 10,093 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Gray Television by 4.8% during the second quarter. AQR Capital Management LLC now owns 1,055,389 shares of the company’s stock worth $5,488,000 after buying an additional 48,623 shares during the period. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Trading Down 4.5 %

Shares of GTN opened at $3.73 on Monday. Gray Television has a 52-week low of $3.65 and a 52-week high of $10.07. The stock has a market cap of $371.27 million, a PE ratio of 2.48, a price-to-earnings-growth ratio of 0.14 and a beta of 1.36. The firm’s fifty day moving average is $4.94 and its two-hundred day moving average is $5.12. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The business had revenue of $950.00 million for the quarter, compared to analyst estimates of $967.49 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.57) earnings per share. Research analysts forecast that Gray Television will post 2.88 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 8.59%. The ex-dividend date is Friday, December 13th. Gray Television’s dividend payout ratio (DPR) is presently 21.33%.

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.