Research analysts at Guggenheim initiated coverage on shares of Gray Television, Inc. (NYSE:GTN) in a note issued to investors on Wednesday, October 18th, MarketBeat.com reports. The brokerage set a “buy” rating and a $20.00 price target on the stock. Guggenheim’s price target points to a potential upside of 29.03% from the company’s current price.
GTN has been the subject of a number of other research reports. Zacks Investment Research raised shares of Gray Television from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Thursday, September 21st. BidaskClub raised shares of Gray Television from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Wells Fargo & Company reiterated an “outperform” rating and issued a $18.00 price target (up previously from $15.50) on shares of Gray Television in a research note on Thursday, August 10th. Royal Bank Of Canada set a $16.00 price target on shares of Gray Television and gave the company a “buy” rating in a research note on Tuesday, July 18th. Finally, Benchmark Co. increased their price target on shares of Gray Television from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Gray Television has a consensus rating of “Buy” and a consensus target price of $18.17.
Shares of Gray Television (NYSE GTN) opened at 15.50 on Wednesday. The company has a 50 day moving average price of $14.98 and a 200-day moving average price of $14.10. The firm has a market cap of $1.11 billion, a PE ratio of 9.64 and a beta of 3.25. Gray Television has a 12-month low of $7.00 and a 12-month high of $16.70.
Gray Television (NYSE:GTN) last released its earnings results on Tuesday, August 8th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The business had revenue of $226.70 million during the quarter, compared to the consensus estimate of $221.05 million. Gray Television had a net margin of 13.38% and a return on equity of 17.32%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share. Analysts expect that Gray Television will post $1.61 EPS for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Parametric Portfolio Associates LLC raised its stake in Gray Television by 7.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 30,941 shares of the company’s stock worth $449,000 after purchasing an additional 2,015 shares in the last quarter. Prudential Financial Inc. increased its holdings in Gray Television by 302.8% in the 1st quarter. Prudential Financial Inc. now owns 168,540 shares of the company’s stock valued at $2,444,000 after buying an additional 126,700 shares during the period. American International Group Inc. increased its holdings in Gray Television by 7.1% in the 1st quarter. American International Group Inc. now owns 39,493 shares of the company’s stock valued at $573,000 after buying an additional 2,613 shares during the period. OppenheimerFunds Inc. bought a new position in Gray Television in the 1st quarter valued at about $284,000. Finally, FMR LLC increased its holdings in Gray Television by 23.6% in the 1st quarter. FMR LLC now owns 3,858,697 shares of the company’s stock valued at $55,951,000 after buying an additional 737,600 shares during the period. Institutional investors own 81.50% 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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