Gray Television (NYSE:GTN) Given New $4.50 Price Target at Wells Fargo & Company

Gray Television (NYSE:GTN) had its price objective hoisted by analysts at Wells Fargo & Company from $4.00 to $4.50 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 3.74% from the stock’s previous close.

Several other research firms also recently commented on GTN. Guggenheim lowered their price objective on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Benchmark lowered their price objective on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.17.

Gray Television Stock Up 10.5%

GTN traded up $0.45 during trading on Monday, hitting $4.68. The stock had a trading volume of 1,211,392 shares, compared to its average volume of 1,446,557. The company has a market capitalization of $474.71 million, a PE ratio of 3.12 and a beta of 1.15. Gray Television has a twelve month low of $2.91 and a twelve month high of $7.28. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a 50 day simple moving average of $3.89 and a two-hundred day simple moving average of $3.97.

Gray Television (NYSE:GTN) last announced its earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.26. The company had revenue of $782.00 million during the quarter, compared to the consensus estimate of $772.71 million. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. Gray Television’s revenue was down 5.0% compared to the same quarter last year. During the same period last year, the firm earned $0.79 earnings per share. On average, research analysts predict that Gray Television will post 3.32 earnings per share for the current year.

Insider Buying and Selling

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the transaction, the director now owns 55,347 shares of the company’s stock, valued at approximately $213,085.95. The trade was a 22.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 15.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Management Corp VA increased its holdings in Gray Television by 19.2% in the first quarter. Capital Management Corp VA now owns 6,867,026 shares of the company’s stock valued at $29,666,000 after buying an additional 1,103,690 shares in the last quarter. Miller Value Partners LLC increased its holdings in Gray Television by 132.1% in the fourth quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company’s stock valued at $10,661,000 after buying an additional 1,926,330 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Gray Television by 60.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,956,635 shares of the company’s stock valued at $8,453,000 after buying an additional 734,085 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Gray Television by 52.6% during the fourth quarter. Marshall Wace LLP now owns 1,161,862 shares of the company’s stock worth $3,660,000 after purchasing an additional 400,274 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Gray Television by 10.1% during the fourth quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company’s stock worth $3,057,000 after purchasing an additional 89,385 shares in the last quarter. Hedge funds and other 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.