Analysts Set Gray Television, Inc. (NYSE:GTN) Price Target at $11.40

Shares of Gray Television, Inc. (NYSE:GTN) have been given an average recommendation of “Moderate Buy” by the six brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $11.40.

A number of research analysts recently issued reports on the company. Benchmark raised their price target on Gray Television from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Loop Capital upgraded Gray Television to a “strong-buy” rating in a research note on Wednesday, May 8th. Barrington Research restated a “market perform” rating on shares of Gray Television in a research note on Tuesday, February 27th. Finally, Wells Fargo & Company lifted their target price on Gray Television from $5.50 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, May 8th.

Gray Television Trading Down 1.6 %

GTN opened at $4.83 on Monday. The business’s 50-day simple moving average is $5.93 and its 200-day simple moving average is $7.09. The company has a market cap of $478.85 million, a P/E ratio of -40.25, a PEG ratio of 0.09 and a beta of 1.50. The company has a debt-to-equity ratio of 2.99, a quick ratio of 1.42 and a current ratio of 1.42. Gray Television has a one year low of $4.74 and a one year high of $10.69.

Gray Television (NYSE:GTN) last released its quarterly 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. The firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $824.98 million. Gray Television had a return on equity of 2.13% and a net margin of 1.30%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.48) EPS. As a group, equities research analysts expect that Gray Television will post 5.24 EPS for the current fiscal year.

Gray Television Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.32 annualized dividend and a dividend yield of 6.63%. Gray Television’s dividend payout ratio (DPR) is currently -266.67%.

Insider Buying and Selling at Gray Television

In other Gray Television news, CEO Hilton H. Howell, Jr. purchased 10,000 shares of Gray Television stock in a transaction dated Thursday, March 28th. The stock was acquired at an average cost of $8.09 per share, with a total value of $80,900.00. Following the acquisition, the chief executive officer now directly owns 2,982,386 shares of the company’s stock, valued at $24,127,502.74. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 13.83% of the company’s stock.

Institutional Trading of Gray Television

Several hedge funds have recently modified their holdings of the business. CWM LLC lifted its holdings in shares of Gray Television by 61.5% in the 4th quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after buying an additional 1,149 shares during the period. M&T Bank Corp lifted its holdings in shares of Gray Television by 10.4% in the 4th quarter. M&T Bank Corp now owns 17,485 shares of the company’s stock valued at $157,000 after buying an additional 1,644 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Gray Television by 9.1% in the 3rd quarter. Victory Capital Management Inc. now owns 19,990 shares of the company’s stock valued at $138,000 after buying an additional 1,665 shares during the period. Teza Capital Management LLC lifted its holdings in shares of Gray Television by 13.6% in the 3rd quarter. Teza Capital Management LLC now owns 20,684 shares of the company’s stock valued at $143,000 after buying an additional 2,470 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Gray Television by 3.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 91,405 shares of the company’s stock worth $578,000 after purchasing an additional 3,068 shares during the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

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.