Gray Television (NYSE:GTN) Given a $27.00 Price Target at Stephens

Gray Television (NYSE:GTN) has been assigned a $27.00 target price by research analysts at Stephens in a research note issued on Wednesday, TipRanks reports. The firm presently has a “buy” rating on the stock. Stephens’ target price would indicate a potential upside of 70.45% from the company’s previous close.

Several other equities analysts have also commented on the stock. Barrington Research reaffirmed a “buy” rating on shares of Gray Television in a research report on Wednesday, May 8th. ValuEngine upgraded shares of Gray Television from a “strong sell” rating to a “sell” rating in a report on Wednesday. Benchmark reaffirmed a “buy” rating on shares of Gray Television in a research note on Thursday, May 9th. TheStreet cut shares of Gray Television from a “b-” rating to a “c+” rating in a research note on Tuesday, June 4th. Finally, Zacks Investment Research lowered Gray Television from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $24.80.

Shares of GTN stock traded down $0.20 during mid-day trading on Wednesday, hitting $15.84. 110,518 shares of the stock traded hands, compared to its average volume of 1,034,192. The stock has a market cap of $1.61 billion, a P/E ratio of 6.52, a P/E/G ratio of 1.73 and a beta of 1.98. The stock’s fifty day moving average is $16.77 and its two-hundred day moving average is $19.03. Gray Television has a 52-week low of $13.60 and a 52-week high of $25.31. The company has a debt-to-equity ratio of 2.89, a current ratio of 2.93 and a quick ratio of 2.93.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The business had revenue of $508.00 million during the quarter, compared to analyst estimates of $508.79 million. Gray Television had a net margin of 10.78% and a return on equity of 19.25%. The company’s quarterly revenue was up 103.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 earnings per share. As a group, equities analysts forecast that Gray Television will post 0.91 EPS for the current fiscal year.

In other news, major shareholder Harriett J. Robinson acquired 7,500 shares of Gray Television stock in a transaction on Monday, August 12th. The stock was bought at an average price of $14.87 per share, for a total transaction of $111,525.00. Following the completion of the purchase, the insider now owns 1,008,467 shares in the company, valued at $14,995,904.29. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Hilton H. Howell, Jr. bought 1,800 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was bought at an average cost of $14.76 per share, for a total transaction of $26,568.00. Following the acquisition, the chairman now owns 992,224 shares of the company’s stock, valued at approximately $14,645,226.24. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 10,600 shares of company stock valued at $158,230. 10.14% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. Copper Rock Capital Partners LLC acquired a new stake in Gray Television in the second quarter valued at $19,850,000. Nuveen Asset Management LLC purchased a new stake in shares of Gray Television in the second quarter valued at $19,048,000. Brightline Capital Management LLC purchased a new stake in shares of Gray Television in the first quarter valued at $11,641,000. BlackRock Inc. lifted its position in Gray Television by 8.5% during the second quarter. BlackRock Inc. now owns 6,410,595 shares of the company’s stock worth $105,070,000 after buying an additional 502,687 shares during the period. Finally, APG Asset Management N.V. lifted its position in Gray Television by 337.2% during the second quarter. APG Asset Management N.V. now owns 647,900 shares of the company’s stock worth $9,325,000 after buying an additional 499,700 shares during the period. 85.79% of the stock is currently owned by hedge funds and other institutional investors.

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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