Gray Television (NYSE:GTN) Price Target Lowered to $8.00 at Guggenheim

Gray Television (NYSE:GTN) had its price target lowered by Guggenheim from $10.00 to $8.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently weighed in on GTN. Wells Fargo & Company dropped their target price on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a research note on Friday, August 9th. Benchmark reduced their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a report on Monday, November 11th. Finally, StockNews.com raised Gray Television from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.67.

Gray Television Trading Down 2.1 %

Shares of GTN stock opened at $4.69 on Tuesday. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.63 and a current ratio of 1.13. The company has a market capitalization of $467.45 million, a price-to-earnings ratio of 3.13, a PEG ratio of 0.12 and a beta of 1.47. Gray Television has a 52-week low of $3.95 and a 52-week high of $10.07. The company has a 50-day simple moving average of $5.27 and a two-hundred day simple moving average of $5.42.

Gray Television (NYSE:GTN) last announced its earnings results on Friday, November 8th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The business had revenue of $950.00 million during the quarter, compared to analysts’ expectations of $967.49 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. Gray Television’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.57) EPS. Research analysts anticipate that Gray Television will post 3.54 EPS for the current fiscal year.

Gray Television Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.82%. The ex-dividend date of this dividend is Friday, December 13th. Gray Television’s payout ratio is currently 21.33%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital Management Corp VA lifted its position in shares of Gray Television by 27.6% during the third quarter. Capital Management Corp VA now owns 5,408,269 shares of the company’s stock worth $28,988,000 after acquiring an additional 1,170,990 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Gray Television by 232.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 813,000 shares of the company’s stock valued at $5,138,000 after purchasing an additional 568,400 shares during the period. Vanguard Group Inc. lifted its holdings in Gray Television by 9.8% during the 1st quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company’s stock worth $35,786,000 after purchasing an additional 506,106 shares in the last quarter. GSA Capital Partners LLP boosted its stake in Gray Television by 287.9% in the 3rd quarter. GSA Capital Partners LLP now owns 232,832 shares of the company’s stock worth $1,248,000 after purchasing an additional 172,801 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in Gray Television during the 2nd quarter valued at about $881,000. 78.64% of the stock is owned by institutional investors.

Gray Television Company Profile

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.