Zacks Investment Research cut shares of Gray Television, Inc. (NYSE:GTN) from a buy rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Gray Television is a communications company headquartered in Atlanta, Georgia, and currently operates 15 CBS-affiliated television stations, seven NBC-affiliated television stations, seven ABC-affiliated television stations and four daily newspapers. “
Other research analysts also recently issued research reports about the stock. Benchmark Co. reiterated a buy rating and set a $21.00 target price on shares of Gray Television in a research report on Tuesday, November 7th. Guggenheim started coverage on shares of Gray Television in a research report on Wednesday, October 18th. They set a buy rating and a $20.00 target price on the stock. Royal Bank Of Canada reiterated a buy rating and set a $17.00 target price on shares of Gray Television in a research report on Wednesday, September 27th. ValuEngine downgraded shares of Gray Television from a strong-buy rating to a buy rating in a research report on Friday, September 15th. Finally, BidaskClub downgraded shares of Gray Television from a strong-buy rating to a buy rating in a report on Sunday, August 6th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $18.50.
Gray Television (NYSE GTN) traded up $0.05 during trading on Thursday, hitting $15.40. 860,300 shares of the company were exchanged, compared to its average volume of 908,061. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. Gray Television has a 52 week low of $8.45 and a 52 week high of $16.70. The firm has a market cap of $1,080.00, a P/E ratio of 13.51, a PEG ratio of 1.45 and a beta of 3.22.
Gray Television (NYSE:GTN) last released its earnings results on Monday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). Gray Television had a net margin of 14.91% and a return on equity of 15.53%. The company had revenue of $219.00 million for the quarter, compared to analyst estimates of $218.78 million. During the same quarter in the previous year, the firm earned $0.26 EPS. The firm’s revenue was up 7.1% on a year-over-year basis. analysts anticipate that Gray Television will post 1.63 earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC raised its holdings in Gray Television by 52.1% during the second quarter. FMR LLC now owns 5,870,039 shares of the company’s stock worth $80,419,000 after buying an additional 2,011,342 shares during the last quarter. Vanguard Group Inc. raised its holdings in Gray Television by 5.3% during the second quarter. Vanguard Group Inc. now owns 2,861,369 shares of the company’s stock worth $39,201,000 after buying an additional 145,189 shares during the last quarter. Royal Bank of Canada raised its holdings in Gray Television by 221.6% during the second quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock worth $36,828,000 after buying an additional 1,852,301 shares during the last quarter. Penn Capital Management Co. Inc. raised its holdings in Gray Television by 15.4% during the second quarter. Penn Capital Management Co. Inc. now owns 1,562,378 shares of the company’s stock worth $21,554,000 after buying an additional 209,076 shares during the last quarter. Finally, State Street Corp raised its holdings in Gray Television by 4.8% during the second quarter. State Street Corp now owns 1,303,215 shares of the company’s stock worth $17,855,000 after buying an additional 59,188 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.
About Gray Television
Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).
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