Gray Television (NYSE:GTN) Upgraded to Equal Weight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Gray Television (NYSE:GTN) from an underweight rating to an equal weight rating in a research note released on Monday, Marketbeat Ratings reports. Wells Fargo & Company currently has $4.00 price target on the stock.

A number of other research analysts also recently issued reports on GTN. Benchmark decreased their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a report on Monday, November 11th. Guggenheim decreased their price objective on Gray Television from $10.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Finally, Barrington Research upgraded Gray Television to a “hold” rating in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.67.

Gray Television Trading Down 1.3 %

NYSE GTN opened at $3.50 on Monday. The firm has a market cap of $348.34 million, a P/E ratio of 2.33 and a beta of 1.41. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. The stock’s 50-day moving average is $3.64 and its 200-day moving average is $4.41. Gray Television has a one year low of $2.91 and a one year high of $7.41.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, hitting analysts’ consensus estimates of $1.59. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. Sell-side analysts anticipate that Gray Television will post 3.32 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 9.16%. Gray Television’s dividend payout ratio is 9.61%.

Insider Buying and Selling at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the transaction, the director now directly owns 55,347 shares in the company, valued at $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GSA Capital Partners LLP grew its stake in Gray Television by 287.9% in the third quarter. GSA Capital Partners LLP now owns 232,832 shares of the company’s stock valued at $1,248,000 after purchasing an additional 172,801 shares in the last quarter. State Street Corp boosted its stake in shares of Gray Television by 1.9% during the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company’s stock worth $10,773,000 after acquiring an additional 36,541 shares during the period. Barclays PLC boosted its stake in shares of Gray Television by 114.4% during the 3rd quarter. Barclays PLC now owns 272,272 shares of the company’s stock worth $1,460,000 after acquiring an additional 145,263 shares during the period. Capital Management Corp VA boosted its stake in shares of Gray Television by 27.6% during the 3rd quarter. Capital Management Corp VA now owns 5,408,269 shares of the company’s stock worth $28,988,000 after acquiring an additional 1,170,990 shares during the period. Finally, Kingsview Wealth Management LLC bought a new position in shares of Gray Television during the 4th quarter worth approximately $340,000. 78.64% of the stock is currently owned by institutional investors.

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.