Gray Television (NYSE:GTN) Cut to C+ at TheStreet

Gray Television (NYSE:GTN) was downgraded by TheStreet from a “b-” rating to a “c+” rating in a report released on Tuesday, June 4th, TheStreetRatingsTable reports.

GTN has been the subject of several other research reports. Zacks Investment Research raised shares of Gray Television from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Wednesday, April 24th. Barrington Research reissued a “buy” rating on shares of Gray Television in a report on Wednesday, May 8th. ValuEngine lowered shares of Gray Television from a “buy” rating to a “hold” rating in a report on Thursday, May 9th. Benchmark reissued a “buy” rating on shares of Gray Television in a report on Thursday, May 9th. Finally, Noble Financial reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Gray Television in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Gray Television presently has a consensus rating of “Buy” and a consensus target price of $26.20.

Shares of NYSE:GTN traded up $0.26 during trading on Tuesday, reaching $16.39. The stock had a trading volume of 3,343,242 shares, compared to its average volume of 995,695. Gray Television has a 52 week low of $13.75 and a 52 week high of $25.31. The firm has a 50-day simple moving average of $17.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.51 and a quick ratio of 2.51. The company has a market cap of $1.61 billion, a PE ratio of 6.74, a PEG ratio of 1.74 and a beta of 2.18.

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

A number of institutional investors and hedge funds have recently bought and sold shares of GTN. GYL Financial Synergies LLC bought a new stake in shares of Gray Television during the 1st quarter worth approximately $2,143,000. FMR LLC grew its stake in Gray Television by 135.5% in the fourth quarter. FMR LLC now owns 5,862,909 shares of the company’s stock valued at $86,420,000 after purchasing an additional 3,373,876 shares during the last quarter. OLD National Bancorp IN purchased a new position in Gray Television in the fourth quarter valued at about $480,000. Weber Alan W purchased a new position in Gray Television in the fourth quarter valued at about $255,000. Finally, Great West Life Assurance Co. Can grew its stake in Gray Television by 38.7% in the fourth quarter. Great West Life Assurance Co. Can now owns 10,961 shares of the company’s stock valued at $156,000 after purchasing an additional 3,061 shares during the last quarter. 83.89% of the stock is currently owned by institutional investors and hedge funds.

About Gray Television

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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Analyst Recommendations for Gray Television (NYSE:GTN)

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