Gray Television (NYSE:GTN) Given New $11.00 Price Target at Benchmark

Gray Television (NYSE:GTN) had its price objective reduced by Benchmark from $13.00 to $11.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

GTN has been the subject of several other reports. Wells Fargo & Company lowered their target price on Gray Television from $6.00 to $4.00 and set an underweight rating for the company in a research note on Friday. Loop Capital raised Gray Television to a strong-buy rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $7.50.

Gray Television Trading Down 2.2 %

Shares of NYSE GTN traded down $0.10 during trading on Friday, reaching $4.39. The stock had a trading volume of 2,124,074 shares, compared to its average volume of 1,281,498. Gray Television has a fifty-two week low of $4.18 and a fifty-two week high of $10.07. The company has a debt-to-equity ratio of 2.99, a quick ratio of 1.42 and a current ratio of 1.42. The business’s 50-day moving average price is $5.39 and its 200-day moving average price is $6.21. The company has a market cap of $435.22 million, a P/E ratio of -36.58, a PEG ratio of 0.12 and a beta of 1.52.

Gray Television (NYSE:GTN) last issued its quarterly earnings data 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 return on equity of 2.13% and a net margin of 1.30%. The business had revenue of $826.00 million during the quarter, compared to analysts’ expectations of $840.33 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The company’s revenue was up 1.6% on a year-over-year basis. On average, equities research analysts predict that Gray Television will post 5.15 EPS for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 7.29%. Gray Television’s dividend payout ratio is currently -266.67%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC boosted its position in shares of Gray Television by 61.5% during the 4th quarter. CWM LLC now owns 3,017 shares of the company’s stock worth $27,000 after acquiring an additional 1,149 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Gray Television in the 1st quarter valued at about $25,000. nVerses Capital LLC purchased a new stake in shares of Gray Television in the 2nd quarter valued at about $27,000. HBK Sorce Advisory LLC purchased a new stake in shares of Gray Television in the 2nd quarter valued at about $58,000. Finally, Entropy Technologies LP purchased a new stake in shares of Gray Television in the 1st quarter valued at about $73,000. 78.64% of the stock is owned by institutional investors and hedge funds.

About Gray Television

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.