Gray Television (NYSE:GTN) Given New $6.00 Price Target at Wells Fargo & Company

Gray Television (NYSE:GTN) had its price target raised by Wells Fargo & Company from $5.50 to $6.00 in a research note released on Wednesday, Benzinga reports. They currently have an underweight rating on the stock.

Separately, Barrington Research reaffirmed a market perform rating on shares of Gray Television in a report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $11.40.

Gray Television Price Performance

NYSE GTN traded up $0.38 on Wednesday, hitting $7.13. The company had a trading volume of 1,438,871 shares, compared to its average volume of 1,135,551. The company has a market capitalization of $692.58 million, a PE ratio of -5.04, a PEG ratio of 0.15 and a beta of 1.55. The company’s fifty day moving average price is $5.94 and its 200-day moving average price is $7.39. The company has a debt-to-equity ratio of 3.12, a current ratio of 1.18 and a quick ratio of 1.18. Gray Television has a 12-month low of $5.44 and a 12-month high of $10.69.

Gray Television (NYSE:GTN) last released its earnings results on Tuesday, May 7th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.25. Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The business had revenue of $823.00 million during the quarter, compared to analyst estimates of $824.98 million. During the same quarter in the prior year, the firm earned ($0.48) earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts predict that Gray Television will post 4.21 earnings per share for the current year.

Gray Television Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 4.49%. Gray Television’s payout ratio is currently -23.02%.

Insider Buying and Selling at Gray Television

In related news, CEO Hilton H. Howell, Jr. bought 10,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were bought at an average price of $8.09 per share, with a total value of $80,900.00. Following the completion of the transaction, the chief executive officer now directly owns 2,982,386 shares of the company’s stock, valued at approximately $24,127,502.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. CWM LLC increased its stake in Gray Television by 61.5% in the fourth quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after purchasing an additional 1,149 shares during the last quarter. M&T Bank Corp increased its stake in Gray Television by 10.4% in the fourth quarter. M&T Bank Corp now owns 17,485 shares of the company’s stock valued at $157,000 after purchasing an additional 1,644 shares during the last quarter. Victory Capital Management Inc. increased its stake in Gray Television by 9.1% in the third quarter. Victory Capital Management Inc. now owns 19,990 shares of the company’s stock valued at $138,000 after purchasing an additional 1,665 shares during the last quarter. Teza Capital Management LLC increased its stake in Gray Television by 13.6% in the third quarter. Teza Capital Management LLC now owns 20,684 shares of the company’s stock valued at $143,000 after purchasing an additional 2,470 shares during the last quarter. Finally, Oak Thistle LLC increased its stake in Gray Television by 33.1% in the fourth quarter. Oak Thistle LLC now owns 14,293 shares of the company’s stock valued at $128,000 after purchasing an additional 3,551 shares during the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

About Gray Television

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.