Gray Television, Inc. (NYSE:GTN) Upgraded by Zacks Investment Research to Buy

Gray Television, Inc. (NYSE:GTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, November 8th. The brokerage presently has a $17.00 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 4.94% from the company’s current price.

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. “

Several other equities research analysts also recently issued reports on the company. Benchmark Co. restated a “buy” rating and set a $21.00 target price on shares of Gray Television in a research report on Tuesday, November 7th. Guggenheim assumed coverage on Gray Television in a research report on Wednesday, October 18th. They set a “buy” rating and a $20.00 target price on the stock. Royal Bank Of Canada restated a “buy” rating and set a $17.00 target price on shares of Gray Television in a research report on Wednesday, September 27th. ValuEngine upgraded Gray Television from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 21st. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $18.00 price objective (up previously from $15.50) on shares of Gray Television in a research report on Thursday, August 10th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Gray Television currently has an average rating of “Buy” and an average price target of $18.50.

Gray Television (NYSE GTN) traded up $0.15 during trading hours on Wednesday, hitting $16.20. The company’s stock had a trading volume of 535,297 shares, compared to its average volume of 891,446. The stock has a market capitalization of $1,140.00, a P/E ratio of 14.08, a P/E/G ratio of 1.53 and a beta of 3.22. Gray Television has a 12-month low of $9.60 and a 12-month high of $16.70. The company has a current ratio of 3.28, a quick ratio of 3.28 and a debt-to-equity ratio of 3.11.

Gray Television (NYSE:GTN) last posted its earnings results on Monday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.01). The company had revenue of $219.00 million for the quarter, compared to analysts’ expectations 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 was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 EPS. equities analysts forecast that Gray Television will post 1.61 earnings per share for the current year.

Several hedge funds have recently modified their holdings of GTN. Parametric Portfolio Associates LLC raised its position in shares of Gray Television by 7.0% in the first quarter. Parametric Portfolio Associates LLC now owns 30,941 shares of the company’s stock worth $449,000 after buying an additional 2,015 shares in the last quarter. OppenheimerFunds Inc. purchased a new stake in shares of Gray Television in the first quarter worth $284,000. Teachers Advisors LLC raised its position in shares of Gray Television by 5.1% in the first quarter. Teachers Advisors LLC now owns 118,463 shares of the company’s stock worth $1,718,000 after buying an additional 5,724 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Gray Television by 39.5% in the first quarter. TIAA CREF Investment Management LLC now owns 372,131 shares of the company’s stock worth $5,396,000 after buying an additional 105,378 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Gray Television by 3.7% in the first quarter. Legal & General Group Plc now owns 15,997 shares of the company’s stock worth $230,000 after buying an additional 565 shares in the last quarter. Institutional investors own 80.71% of the company’s stock.

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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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