Wells Fargo & Company Lowers Gray Television (NYSE:GTN) Price Target to $4.00

Gray Television (NYSE:GTN) had its price target lowered by investment analysts at Wells Fargo & Company from $6.00 to $4.00 in a report released on Friday, Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential downside of 7.62% from the stock’s previous close.

A number of other brokerages also recently issued reports on GTN. Loop Capital upgraded Gray Television to a “strong-buy” rating in a research report on Wednesday, May 8th. Benchmark lifted their target price on Gray Television from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.67.

Gray Television Price Performance

GTN traded down $0.16 during trading on Friday, reaching $4.33. 1,208,892 shares of the company traded hands, compared to its average volume of 1,274,531. The company has a debt-to-equity ratio of 2.99, a quick ratio of 1.42 and a current ratio of 1.42. Gray Television has a 12-month low of $4.18 and a 12-month high of $10.07. The firm has a fifty day simple moving average of $5.42 and a 200 day simple moving average of $6.26. The company has a market cap of $429.27 million, a P/E ratio of -35.75, a PEG ratio of 0.12 and a beta of 1.52.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, August 8th. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. Gray Television had a net margin of 1.30% and a return on equity of 2.13%. The firm had revenue of $826.00 million during the quarter, compared to analyst estimates of $840.33 million. During the same period last year, the firm posted ($0.10) earnings per share. Gray Television’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, equities analysts forecast that Gray Television will post 5.15 EPS for the current year.

Institutional Investors Weigh In On Gray Television

A number of large investors have recently modified their holdings of GTN. Envestnet Asset Management Inc. lifted its holdings in Gray Television by 17.2% in the second quarter. Envestnet Asset Management Inc. now owns 560,825 shares of the company’s stock valued at $2,916,000 after acquiring an additional 82,454 shares during the period. HBK Sorce Advisory LLC acquired a new position in Gray Television in the second quarter valued at approximately $58,000. Cornercap Investment Counsel Inc. lifted its holdings in Gray Television by 225.1% in the second quarter. Cornercap Investment Counsel Inc. now owns 125,126 shares of the company’s stock valued at $651,000 after acquiring an additional 86,638 shares during the period. American Century Companies Inc. lifted its holdings in Gray Television by 6.7% in the second quarter. American Century Companies Inc. now owns 124,857 shares of the company’s stock valued at $649,000 after acquiring an additional 7,836 shares during the period. Finally, Choreo LLC acquired a new position in Gray Television in the second quarter valued at approximately $60,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.