Gray Television, Inc. (NYSE:GTN) has received a consensus rating of “Buy” from the eight ratings firms that are covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $17.80.
GTN has been the topic of several analyst reports. ValuEngine upgraded shares of Gray Television from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded shares of Gray Television from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Thursday, September 21st. Royal Bank Of Canada reiterated a “buy” rating and issued a $17.00 target price on shares of Gray Television in a research note on Wednesday, September 27th. BidaskClub downgraded shares of Gray Television from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 6th. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $18.00 target price (up previously from $15.50) on shares of Gray Television in a research note on Thursday, August 10th.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eqis Capital Management Inc. purchased a new position in shares of Gray Television during the third quarter valued at approximately $201,000. Sterling Capital Management LLC raised its holdings in shares of Gray Television by 0.8% during the second quarter. Sterling Capital Management LLC now owns 58,513 shares of the company’s stock valued at $802,000 after purchasing an additional 440 shares during the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of Gray Television by 20,088.0% during the second quarter. Cubist Systematic Strategies LLC now owns 20,188 shares of the company’s stock valued at $277,000 after purchasing an additional 20,088 shares during the last quarter. State Street Corp raised its holdings in shares of Gray Television by 4.8% during the second quarter. State Street Corp now owns 1,303,215 shares of the company’s stock valued at $17,855,000 after purchasing an additional 59,188 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Gray Television by 221.6% during the second quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock valued at $36,828,000 after purchasing an additional 1,852,301 shares during the last quarter. 81.33% of the stock is owned by hedge funds and other institutional investors.
Shares of Gray Television (GTN) opened at 16.15 on Friday. Gray Television has a 1-year low of $7.00 and a 1-year high of $16.70. The firm has a 50-day moving average of $14.54 and a 200 day moving average of $13.97. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 10.04 and a beta of 3.25.
Gray Television (NYSE:GTN) last issued its earnings results on Tuesday, August 8th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.03. The firm had revenue of $226.70 million for the quarter, compared to the consensus estimate of $221.05 million. Gray Television had a net margin of 13.38% and a return on equity of 17.32%. The business’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.24 earnings per share. Equities research analysts forecast that Gray Television will post $1.61 earnings per share for the current year.
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About Gray Television
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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