Zacks Investment Research lowered shares of Gray Television (NYSE:GTN) from a hold rating to a strong sell rating in a research report report published on Tuesday, January 30th.
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 analysts also recently issued reports about the company. Jefferies Group began coverage on Gray Television in a research report on Thursday, December 14th. They issued a buy rating and a $18.00 price target for the company. ValuEngine cut Gray Television from a strong-buy rating to a buy rating in a research report on Thursday, November 30th. Benchmark reissued a buy rating and set a $21.00 price objective on shares of Gray Television in a research note on Tuesday, November 7th. Finally, Guggenheim assumed coverage on Gray Television in a research note on Wednesday, October 18th. They set a buy rating and a $20.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $18.57.
Gray Television (NYSE:GTN) traded down $0.20 during mid-day trading on Tuesday, hitting $15.25. The stock had a trading volume of 510,962 shares, compared to its average volume of 800,973. Gray Television has a 52 week low of $11.70 and a 52 week high of $17.80. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. The company has a market capitalization of $1,361.24, a price-to-earnings ratio of 8.43, a PEG ratio of 1.98 and a beta of 2.46.
In related news, EVP Kevin Paul Latek sold 97,634 shares of the business’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $16.96, for a total transaction of $1,655,872.64. Following the transaction, the executive vice president now owns 219,706 shares in the company, valued at approximately $3,726,213.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.00% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new position in shares of Gray Television during the 3rd quarter worth approximately $163,000. Macquarie Group Ltd. purchased a new position in shares of Gray Television during the 3rd quarter worth approximately $166,000. Guggenheim Capital LLC bought a new stake in shares of Gray Television in the 4th quarter worth approximately $167,000. Stifel Financial Corp bought a new stake in shares of Gray Television in the 3rd quarter worth approximately $175,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Gray Television by 77.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,758 shares of the company’s stock worth $180,000 after purchasing an additional 4,706 shares in the last quarter. Institutional investors own 68.37% of the company’s stock.
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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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