Gray Television, Inc. (NYSE:GTN) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Gray Television, Inc. (NYSE:GTN) have earned a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $6.33.

A number of analysts recently issued reports on the stock. Guggenheim decreased their target price on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Wells Fargo & Company raised Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target on the stock in a research note on Monday, March 3rd.

Insider Activity

In related news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction 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 transaction, the director now owns 55,347 shares in the company, valued at approximately $213,085.95. This trade represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Gray Television

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Voleon Capital Management LP acquired a new position in shares of Gray Television in the 4th quarter valued at about $32,000. Ameriprise Financial Inc. acquired a new position in Gray Television during the fourth quarter valued at approximately $33,000. Boothbay Fund Management LLC purchased a new stake in Gray Television during the fourth quarter worth approximately $34,000. Wilmington Savings Fund Society FSB purchased a new stake in Gray Television during the third quarter worth approximately $59,000. Finally, MML Investors Services LLC acquired a new stake in shares of Gray Television in the third quarter worth $65,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Gray Television Stock Down 6.1 %

GTN stock opened at $4.41 on Friday. 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 company’s 50 day simple moving average is $4.01 and its 200-day simple moving average is $4.35. Gray Television has a 12 month low of $2.91 and a 12 month high of $7.41. The firm has a market capitalization of $447.30 million, a PE ratio of 2.94 and a beta of 1.45.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.59. The firm 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%. Equities analysts expect 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 issued 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 dividend yield of 7.26%. Gray Television’s dividend payout ratio (DPR) is presently 9.61%.

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.