Gray Television, Inc. (GTN) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Gray Television, Inc. (NYSE:GTN) from a buy rating to a hold rating in a research note published 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. “

Several other equities analysts have also issued reports on GTN. Benchmark Co. reiterated a buy rating and set a $21.00 target price on shares of Gray Television in a report on Tuesday, November 7th. Wells Fargo & Company reiterated an outperform rating and set a $18.00 target price (up from $15.50) on shares of Gray Television in a report on Thursday, August 10th. Royal Bank Of Canada lifted their target price on shares of Gray Television from $16.00 to $17.00 and gave the company an outperform rating in a report on Wednesday, August 9th. BidaskClub upgraded shares of Gray Television from a buy rating to a strong-buy rating in a report on Monday, July 31st. Finally, ValuEngine upgraded shares of Gray Television from a buy rating to a strong-buy rating in a report on Thursday, September 21st. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $18.50.

Shares of Gray Television (GTN) opened at $15.40 on Thursday. The company has a quick ratio of 3.32, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. Gray Television has a 1-year low of $8.45 and a 1-year high of $16.70. The company has a market cap of $1,118.06, a PE ratio of 13.51, a price-to-earnings-growth 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 Thomson Reuters’ 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 business had revenue of $219.00 million for the quarter, compared to analysts’ expectations of $218.78 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. Gray Television’s revenue for the quarter was up 7.1% on a year-over-year basis. equities analysts anticipate that Gray Television will post 1.63 EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virginia Retirement Systems ET AL lifted its stake in shares of Gray Television by 47.4% during the 3rd quarter. Virginia Retirement Systems ET AL now owns 90,800 shares of the company’s stock valued at $1,426,000 after buying an additional 29,200 shares in the last quarter. Nordea Investment Management AB purchased a new position in shares of Gray Television during the 3rd quarter valued at $389,000. ETRADE Capital Management LLC purchased a new stake in Gray Television in the 3rd quarter worth $1,279,000. Icon Advisers Inc. Co. purchased a new stake in Gray Television in the 3rd quarter worth $290,000. Finally, Chartwell Investment Partners LLC lifted its stake in Gray Television by 5.1% in the 3rd quarter. Chartwell Investment Partners LLC now owns 150,865 shares of the company’s stock worth $2,368,000 after purchasing an additional 7,343 shares in the last quarter. Institutional investors own 81.48% of the company’s stock.

Gray Television Company Profile

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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