Gray Television (NYSE:GTN) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Gray Television (NYSE:GTN) from a sell rating to a hold rating in a research note published on Friday morning, Zacks.com reports. Zacks Investment Research currently has $19.00 price target on the stock.

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. “

A number of other equities analysts have also recently issued reports on the company. ValuEngine cut Gray Television from a hold rating to a sell rating in a report on Thursday, August 1st. TheStreet cut Gray Television from a b- rating to a c+ rating in a report on Tuesday, June 4th. Benchmark reiterated a buy rating on shares of Gray Television in a report on Thursday, May 9th. Finally, Barrington Research reiterated a buy rating on shares of Gray Television in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $24.80.

Shares of GTN opened at $16.81 on Friday. Gray Television has a 12-month low of $13.75 and a 12-month high of $25.31. The stock has a fifty day moving average price of $17.23. The company has a current ratio of 2.51, a quick ratio of 2.51 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.73 billion, a PE ratio of 6.92, a P/E/G ratio of 1.88 and a beta of 1.98.

Gray Television (NYSE:GTN) last issued its earnings results on Wednesday, May 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. Gray Television had a return on equity of 20.34% and a net margin of 12.56%. The company had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $498.41 million. During the same period last year, the business earned $0.22 EPS. Gray Television’s quarterly revenue was up 129.2% compared to the same quarter last year. Analysts anticipate that Gray Television will post 0.91 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the business. Meeder Asset Management Inc. boosted its position in shares of Gray Television by 84.8% during the 2nd quarter. Meeder Asset Management Inc. now owns 13,264 shares of the company’s stock valued at $218,000 after acquiring an additional 6,087 shares during the last quarter. Swiss National Bank boosted its position in shares of Gray Television by 16.4% during the 2nd quarter. Swiss National Bank now owns 174,000 shares of the company’s stock valued at $2,852,000 after acquiring an additional 24,500 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new stake in shares of Gray Television during the 2nd quarter valued at about $247,000. Hussman Strategic Advisors Inc. boosted its position in shares of Gray Television by 188.5% during the 2nd quarter. Hussman Strategic Advisors Inc. now owns 225,000 shares of the company’s stock valued at $3,688,000 after acquiring an additional 147,000 shares during the last quarter. Finally, Aperio Group LLC boosted its position in shares of Gray Television by 6.5% during the 2nd quarter. Aperio Group LLC now owns 17,116 shares of the company’s stock valued at $281,000 after acquiring an additional 1,043 shares during the last quarter. Institutional investors and hedge funds own 85.13% of the company’s stock.

Gray Television Company Profile

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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