Gray Television (GTN) Lowered to “Hold” at ValuEngine

ValuEngine lowered shares of Gray Television (NYSE:GTN) from a buy rating to a hold rating in a report published on Wednesday morning.

A number of other equities analysts have also recently weighed in on the company. Zacks Investment Research raised Gray Television from a strong sell rating to a hold rating in a report on Monday. Jefferies Group assumed coverage on Gray Television in a report on Thursday, December 14th. They issued a buy rating and a $18.00 price target for the company. Benchmark reissued a buy rating and issued a $21.00 price target on shares of Gray Television in a report on Tuesday, November 7th. Guggenheim started coverage on Gray Television in a report on Wednesday, October 18th. They issued a buy rating and a $20.00 price target for the company. Finally, Royal Bank of Canada reaffirmed a buy rating and issued a $17.00 price objective on shares of Gray Television in a research report on Wednesday, September 27th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $18.43.

Gray Television (GTN) traded down $0.45 during midday trading on Wednesday, hitting $16.20. The stock had a trading volume of 1,260,811 shares, compared to its average volume of 1,077,633. Gray Television has a 12 month low of $9.95 and a 12 month high of $17.50. The firm has a market capitalization of $1,440.00, a PE ratio of 8.90, a price-to-earnings-growth ratio of 2.18 and a beta of 3.13. The company has a debt-to-equity ratio of 3.11, a quick ratio of 3.28 and a current ratio of 3.28.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Monday, November 6th. The company reported $0.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). Gray Television had a return on equity of 15.53% and a net margin of 14.91%. The company had revenue of $219.00 million during the quarter, compared to analyst estimates of $218.78 million. During the same period last year, the firm earned $0.26 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. analysts forecast that Gray Television will post 1.57 EPS for the current fiscal year.

In other news, EVP Kevin Paul Latek sold 97,634 shares of Gray Television stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $16.96, for a total value of $1,655,872.64. Following the completion of the sale, the executive vice president now owns 219,706 shares of the company’s stock, valued at $3,726,213.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 12.00% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA grew its position in shares of Gray Television by 4,901.3% in the second quarter. BNP Paribas Arbitrage SA now owns 7,452 shares of the company’s stock valued at $102,000 after purchasing an additional 7,303 shares during the period. LSV Asset Management purchased a new stake in shares of Gray Television in the second quarter valued at $153,000. SG Americas Securities LLC purchased a new stake in shares of Gray Television in the third quarter valued at $163,000. Macquarie Group Ltd. purchased a new stake in Gray Television during the third quarter valued at about $166,000. Finally, Stifel Financial Corp purchased a new stake in Gray Television during the third quarter valued at about $175,000. 67.43% of the stock is owned by institutional investors and hedge funds.

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Gray Television Company Profile

Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).

Analyst Recommendations for Gray Television (NYSE:GTN)

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