Zacks Investment Research Upgrades Gray Television (NYSE:GTN) to “Buy”

Zacks Investment Research upgraded shares of Gray Television (NYSE:GTN) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. The firm currently has $19.00 price target on the stock.

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. “

A number of other brokerages have also recently issued reports on GTN. Barrington Research set a $22.00 price objective on The Hackett Group and gave the stock a buy rating in a research note on Wednesday, May 8th. ValuEngine upgraded Zogenix from a buy rating to a strong-buy rating in a research note on Thursday, June 27th. Benchmark reiterated a buy rating on shares of Gray Television in a research note on Thursday, May 9th. Finally, TheStreet cut TIM Participacoes from a b rating to a c+ rating in a research note on Tuesday, June 4th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Gray Television has an average rating of Buy and an average target price of $24.80.

Shares of Gray Television stock opened at $18.40 on Tuesday. Gray Television has a 12-month low of $13.75 and a 12-month high of $25.31. The company has a market cap of $1.80 billion, a PE ratio of 7.57, a P/E/G ratio of 1.95 and a beta of 1.99. The company has a current ratio of 2.51, a quick ratio of 2.51 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $16.94.

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

Hedge funds have recently bought and sold shares of the stock. GYL Financial Synergies LLC acquired a new position in shares of Gray Television during the 1st quarter worth approximately $2,143,000. FMR LLC increased its holdings in shares of Gray Television by 135.5% during the 4th quarter. FMR LLC now owns 5,862,909 shares of the company’s stock worth $86,420,000 after acquiring an additional 3,373,876 shares during the last quarter. Weber Alan W acquired a new position in shares of Gray Television during the 4th quarter worth approximately $255,000. Great West Life Assurance Co. Can increased its holdings in shares of Gray Television by 38.7% during the 4th quarter. Great West Life Assurance Co. Can now owns 10,961 shares of the company’s stock worth $156,000 after acquiring an additional 3,061 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Gray Television by 63.8% during the 4th quarter. Millennium Management LLC now owns 1,267,080 shares of the company’s stock worth $18,677,000 after acquiring an additional 493,675 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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