Shares of Gray Television, Inc. (NYSE:GTN) have earned an average recommendation of “Buy” from the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $25.00.
Several brokerages have issued reports on GTN. TheStreet lowered shares of Gray Television from a “b-” rating to a “c+” rating in a research note on Tuesday, June 4th. ValuEngine lowered shares of Gray Television from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 10th. Barrington Research reissued a “buy” rating on shares of Gray Television in a research report on Wednesday, May 8th. Zacks Investment Research downgraded shares of Gray Television from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Finally, Benchmark reissued a “buy” rating on shares of Gray Television in a research report on Thursday, May 9th.
GTN stock traded up $0.52 during midday trading on Wednesday, hitting $15.15. The company’s stock had a trading volume of 999,800 shares, compared to its average volume of 928,486. The company has a debt-to-equity ratio of 2.89, a current ratio of 2.93 and a quick ratio of 2.93. Gray Television has a twelve month low of $13.60 and a twelve month high of $25.31. The company’s fifty day moving average price is $16.87 and its 200 day moving average price is $19.10. The stock has a market capitalization of $1.53 billion, a P/E ratio of 6.23, a PEG ratio of 1.58 and a beta of 1.98.
Gray Television (NYSE:GTN) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. Gray Television had a net margin of 10.78% and a return on equity of 19.25%. The firm had revenue of $508.00 million for the quarter, compared to analyst estimates of $508.79 million. During the same period in the previous year, the business earned $0.46 EPS. The company’s revenue was up 103.2% compared to the same quarter last year. Equities analysts expect that Gray Television will post 0.91 EPS for the current fiscal year.
In other news, Chairman Hilton H. Howell, Jr. acquired 1,800 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $14.76 per share, with a total value of $26,568.00. Following the transaction, the chairman now directly owns 992,224 shares in the company, valued at approximately $14,645,226.24. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Harriett J. Robinson acquired 7,500 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was purchased at an average cost of $14.87 per share, with a total value of $111,525.00. Following the transaction, the insider now owns 1,008,467 shares in the company, valued at $14,995,904.29. The disclosure for this purchase can be found here. In the last three months, insiders bought 10,600 shares of company stock valued at $158,230. Insiders own 10.14% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC bought a new position in shares of Gray Television in the 1st quarter valued at about $35,000. Point72 Hong Kong Ltd grew its position in shares of Gray Television by 134.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 5,945 shares of the company’s stock valued at $97,000 after acquiring an additional 3,414 shares during the period. New York State Teachers Retirement System bought a new position in shares of Gray Television in the 2nd quarter valued at about $115,000. Bank of Montreal Can grew its position in shares of Gray Television by 3,422.7% in the 2nd quarter. Bank of Montreal Can now owns 7,926 shares of the company’s stock valued at $130,000 after acquiring an additional 7,701 shares during the period. Finally, Lowe Brockenbrough & Co. Inc. bought a new position in shares of Gray Television in the 2nd quarter valued at about $164,000. 85.21% of the stock is owned by institutional investors.
About Gray Television
Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 28, 2019, it owned and operated television stations in 91 television markets broadcasting approximately 400 program streams, including approximately 150 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.
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