Zacks Investment Research Upgrades Gray Television (NYSE:GTN) to Hold

Zacks Investment Research upgraded shares of Gray Television (NYSE:GTN) from a sell rating to a hold rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “Gray Television is a communications company headquartered in Atlanta, Georgia, and currently operates 15 CBS-affiliated television stations, seven NBC-affiliated television stations, seven ABC-affiliated television stations and four daily newspapers. “

GTN has been the topic of a number of other research reports. Stephens set a $27.00 target price on shares of Gray Television and gave the company a buy rating in a research note on Wednesday, August 21st. TheStreet raised shares of Gray Television from a c+ rating to a b- rating in a research note on Wednesday, September 11th. Wells Fargo & Co initiated coverage on shares of Gray Television in a research note on Monday, September 23rd. They issued an outperform rating and a $21.00 target price on the stock. Finally, ValuEngine raised shares of Gray Television from a strong sell rating to a sell rating in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Gray Television has a consensus rating of Buy and an average target price of $24.17.

NYSE GTN opened at $16.42 on Tuesday. The stock has a market cap of $1.68 billion, a P/E ratio of 6.76, a PEG ratio of 2.43 and a beta of 2.08. The company’s 50-day simple moving average is $15.78 and its 200 day simple moving average is $17.85. Gray Television has a twelve month low of $13.60 and a twelve month high of $25.31. The company has a quick ratio of 2.93, a current ratio of 2.93 and a debt-to-equity ratio of 2.89.

Gray Television (NYSE:GTN) last posted its earnings results on Wednesday, August 7th. The company reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.03. The business had revenue of $508.00 million for the quarter, compared to analysts’ expectations of $508.79 million. Gray Television had a net margin of 10.78% and a return on equity of 19.25%. The firm’s revenue for the quarter was up 103.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. Research analysts anticipate that Gray Television will post 0.66 earnings per share for the current year.

In other news, major shareholder Harriett J. Robinson acquired 7,500 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were purchased at an average cost of $14.87 per share, with a total value of $111,525.00. Following the completion of the purchase, the insider now owns 1,008,467 shares of the company’s stock, valued at $14,995,904.29. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Hilton H. Howell, Jr. acquired 1,800 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were purchased at an average cost of $14.76 per share, for a total transaction of $26,568.00. Following the completion of the purchase, the chairman now directly 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 three months, insiders purchased 10,600 shares of company stock worth $158,230. 10.14% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of GTN. Envestnet Asset Management Inc. grew its stake in shares of Gray Television by 4.4% during the third quarter. Envestnet Asset Management Inc. now owns 24,190 shares of the company’s stock valued at $395,000 after purchasing an additional 1,021 shares during the last quarter. Aperio Group LLC grew its stake in shares of Gray Television by 6.5% during the second quarter. Aperio Group LLC now owns 17,116 shares of the company’s stock valued at $281,000 after purchasing an additional 1,043 shares during the last quarter. Maverick Capital Ltd. grew its stake in shares of Gray Television by 0.5% during the second quarter. Maverick Capital Ltd. now owns 252,690 shares of the company’s stock valued at $4,142,000 after purchasing an additional 1,240 shares during the last quarter. Cascade Investment Advisors Inc. grew its stake in shares of Gray Television by 3.3% during the second quarter. Cascade Investment Advisors Inc. now owns 64,150 shares of the company’s stock valued at $1,051,000 after purchasing an additional 2,040 shares during the last quarter. Finally, Point72 Hong Kong Ltd grew its stake in shares of Gray Television by 134.9% during the second quarter. Point72 Hong Kong Ltd now owns 5,945 shares of the company’s stock valued at $97,000 after purchasing an additional 3,414 shares during the last quarter. 84.39% 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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