Gray Television, Inc. (GTN) Given Consensus Rating of “Buy” by Analysts

Gray Television, Inc. (NYSE:GTN) has received a consensus rating of “Buy” from the ten analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $19.33.

A number of analysts recently weighed in on the stock. Guggenheim set a $21.00 price objective on shares of Gray Television and gave the stock a “buy” rating in a report on Monday, January 22nd. Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Gray Television in a report on Thursday, February 15th. Zacks Investment Research raised shares of Gray Television from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 14th. ValuEngine raised shares of Gray Television from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Jefferies Group assumed coverage on shares of Gray Television in a report on Thursday, December 14th. They issued a “buy” rating and a $18.00 price objective on the stock.

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Shares of NYSE:GTN traded down $0.33 on Friday, reaching $11.72. 2,086,868 shares of the company’s stock were exchanged, compared to its average volume of 1,103,442. The stock has a market capitalization of $1,101.90, a price-to-earnings ratio of 10.04, a price-to-earnings-growth ratio of 1.54 and a beta of 2.53. Gray Television has a fifty-two week low of $11.65 and a fifty-two week high of $17.80. The company has a debt-to-equity ratio of 1.84, a quick ratio of 5.08 and a current ratio of 5.08.

Gray Television (NYSE:GTN) last issued its earnings results on Tuesday, February 27th. The company reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.15. The company had revenue of $233.60 million for the quarter, compared to analysts’ expectations of $232.24 million. Gray Television had a net margin of 29.67% and a return on equity of 11.91%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.49 earnings per share. sell-side analysts expect that Gray Television will post 1.86 EPS for the current fiscal year.

In other news, major shareholder Harriett J. Robinson acquired 8,214 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The shares were acquired at an average price of $11.60 per share, with a total value of $95,282.40. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.00% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. California Public Employees Retirement System grew its position in Gray Television by 2.2% in the 3rd quarter. California Public Employees Retirement System now owns 153,139 shares of the company’s stock valued at $2,404,000 after buying an additional 3,339 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Gray Television by 39.3% in the fourth quarter. SG Americas Securities LLC now owns 14,492 shares of the company’s stock worth $243,000 after purchasing an additional 4,086 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of Gray Television by 5.9% in the third quarter. Allianz Asset Management GmbH now owns 79,740 shares of the company’s stock worth $1,252,000 after purchasing an additional 4,431 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Gray Television by 77.8% in the fourth 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. Finally, Macquarie Group Ltd. raised its position in Gray Television by 59.4% during the fourth quarter. Macquarie Group Ltd. now owns 16,900 shares of the company’s stock valued at $283,000 after acquiring an additional 6,300 shares in the last quarter. 85.38% of the stock is currently owned by institutional investors and hedge funds.

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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).

Analyst Recommendations for Gray Television (NYSE:GTN)

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