Gray Television (NYSE:GTN) Price Target Cut to $8.00 by Analysts at Benchmark

Gray Television (NYSE:GTN) had its price objective decreased by investment analysts at Benchmark from $11.00 to $8.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price target would suggest a potential upside of 82.23% from the company’s current price.

A number of other analysts also recently issued reports on GTN. Wells Fargo & Company reduced their price objective on Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a research note on Friday, August 9th. Guggenheim reduced their price target on shares of Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.67.

Gray Television Price Performance

Shares of NYSE:GTN opened at $4.39 on Monday. The firm has a market cap of $437.55 million, a price-to-earnings ratio of 2.93, a P/E/G ratio of 0.10 and a beta of 1.47. The firm has a fifty day moving average price of $5.27 and a 200 day moving average price of $5.44. Gray Television has a fifty-two week low of $3.95 and a fifty-two week high of $10.07. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.63 and a current ratio of 1.63.

Gray Television (NYSE:GTN) last released its quarterly earnings data on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.08). The company had revenue of $950.00 million for the quarter, compared to the consensus estimate of $967.49 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period last year, the company earned ($0.57) EPS. As a group, sell-side analysts expect that Gray Television will post 4.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gray Television

Large investors have recently modified their holdings of the stock. Capital Management Corp VA raised its position in Gray Television by 27.6% in the 3rd quarter. Capital Management Corp VA now owns 5,408,269 shares of the company’s stock worth $28,988,000 after purchasing an additional 1,170,990 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Gray Television by 232.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 813,000 shares of the company’s stock worth $5,138,000 after buying an additional 568,400 shares during the period. Vanguard Group Inc. lifted its stake in shares of 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 acquiring an additional 506,106 shares during the last quarter. Empowered Funds LLC purchased a new position in Gray Television during the 1st quarter valued at $2,010,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Gray Television in the 1st quarter valued at $1,093,000. Institutional investors 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.