Gray Television, Inc. (NYSE:GTN) Receives $6.33 Consensus Price Target from Brokerages

Shares of Gray Television, Inc. (NYSE:GTN) have earned a consensus recommendation of “Moderate Buy” from the five research firms that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $6.33.

GTN has been the topic of a number of recent analyst reports. Wells Fargo & Company upgraded Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective on the stock in a research note on Monday, March 3rd. Guggenheim dropped their price target on Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 10th.

Insider Buying and Selling

In related news, Director Richard Lee Boger sold 16,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was 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 directly owns 55,347 shares of the company’s stock, valued at $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC acquired a new position in shares of Gray Television in the 3rd quarter worth approximately $143,000. BNP Paribas Financial Markets lifted its holdings in Gray Television by 109.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 127,497 shares of the company’s stock valued at $683,000 after purchasing an additional 66,578 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Gray Television by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 239,371 shares of the company’s stock worth $1,283,000 after buying an additional 2,654 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Gray Television during the third quarter worth approximately $185,000. Finally, Verition Fund Management LLC raised its stake in shares of Gray Television by 64.0% in the third quarter. Verition Fund Management LLC now owns 17,480 shares of the company’s stock valued at $94,000 after acquiring an additional 6,824 shares during the last quarter. Institutional investors own 78.64% of the company’s stock.

Gray Television Trading Up 0.1 %

NYSE:GTN opened at $4.33 on Friday. The company’s 50 day moving average is $4.07 and its 200-day moving average is $4.34. 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 has a 12 month low of $2.91 and a 12 month high of $7.41. The firm has a market cap of $439.17 million, a price-to-earnings ratio of 2.88 and a beta of 1.45.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.59. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. Equities analysts anticipate that Gray Television will post 3.32 EPS for the current year.

Gray Television Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 7.40%. The ex-dividend date of this dividend was Friday, March 14th. Gray Television’s payout ratio is presently 9.61%.

Gray Television Company Profile

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.