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

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

Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Gray Television from a hold rating to a buy rating and set a $17.00 price objective on the stock in a research note on Wednesday, November 8th. Benchmark restated a buy rating and set a $21.00 price objective on shares of Gray Television in a research note on Tuesday, November 7th. Guggenheim initiated coverage on Gray Television in a research note on Wednesday, October 18th. They set a buy rating and a $20.00 price objective on the stock. Royal Bank of Canada restated a buy rating and set a $17.00 price objective on shares of Gray Television in a research note on Wednesday, September 27th. Finally, Jefferies Group initiated coverage on Gray Television in a research note on Thursday, December 14th. They set a buy rating and a $18.00 price objective on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Gray Television has an average rating of Buy and an average price target of $18.43.

Gray Television (NYSE GTN) opened at $16.10 on Wednesday. The company has a market capitalization of $1,430.00, a PE ratio of 8.85, a price-to-earnings-growth ratio of 2.12 and a beta of 3.13. Gray Television has a one year low of $9.95 and a one year high of $17.50. 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 issued its quarterly earnings data on Monday, November 6th. The company reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). The company had revenue of $219.00 million for the quarter, compared to analyst estimates of $218.78 million. Gray Television had a return on equity of 15.53% and a net margin of 14.91%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.26 EPS. sell-side analysts expect that Gray Television will post 1.57 EPS for the current year.

In related news, EVP Kevin Paul Latek sold 97,634 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 219,706 shares in the company, valued at $3,726,213.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 12.00% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA lifted its stake 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 worth $102,000 after acquiring an additional 7,303 shares in the last quarter. LSV Asset Management acquired a new position in shares of Gray Television in the second quarter worth about $153,000. SG Americas Securities LLC acquired a new position in shares of Gray Television in the third quarter worth about $163,000. Macquarie Group Ltd. acquired a new stake in Gray Television during the third quarter valued at approximately $166,000. Finally, Stifel Financial Corp acquired a new stake in Gray Television during the third quarter valued at approximately $175,000. Institutional investors and hedge funds own 67.43% of the company’s stock.

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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).

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Analyst Recommendations for Gray Television (NYSE:GTN)

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