Wells Fargo & Co. Reiterates Buy Rating for Gray Television Inc. (GTN)
Gray Television Inc. (NYSE:GTN)‘s stock had its “buy” rating reaffirmed by equities research analysts at Wells Fargo & Co. in a research report issued to clients and investors on Monday.
Separately, Zacks Investment Research upgraded Gray Television from a “strong sell” rating to a “hold” rating and set a $13.00 target price for the company in a report on Tuesday, July 12th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Gray Television currently has an average rating of “Buy” and a consensus price target of $18.75.
Shares of Gray Television (NYSE:GTN) opened at 10.16 on Monday. The stock’s 50 day moving average price is $10.99 and its 200-day moving average price is $11.43. Gray Television has a 52 week low of $9.15 and a 52 week high of $17.70. The firm has a market capitalization of $730.28 million, a price-to-earnings ratio of 15.19 and a beta of 2.94.
Gray Television (NYSE:GTN) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.25 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.25. Gray Television had a return on equity of 12.58% and a net margin of 6.98%. The firm earned $196.60 million during the quarter, compared to analysts’ expectations of $196.25 million. During the same period in the prior year, the business earned $0.17 EPS. The company’s revenue for the quarter was up 37.1% compared to the same quarter last year. Equities analysts predict that Gray Television will post $1.43 earnings per share for the current year.
Large investors have recently modified their holdings of the stock. Kennedy Capital Management Inc. bought a new stake in shares of Gray Television during the first quarter valued at $1,038,000. Calixto Global Investors LP boosted its stake in Gray Television by 137.8% in the first quarter. Calixto Global Investors LP now owns 1,851,713 shares of the company’s stock valued at $21,702,000 after buying an additional 1,072,891 shares during the period. Teachers Advisors Inc. boosted its stake in Gray Television by 30.4% in the first quarter. Teachers Advisors Inc. now owns 1,064,288 shares of the company’s stock valued at $12,473,000 after buying an additional 248,253 shares during the period. Emerald Acquisition Ltd. acquired a new stake in Gray Television during the second quarter valued at $3,391,000. Finally, Legal & General Group Plc boosted its stake in Gray Television by 26.3% in the first quarter. Legal & General Group Plc now owns 9,143 shares of the company’s stock valued at $106,000 after buying an additional 1,906 shares during the period. Institutional investors own 86.57% of the company’s stock.
Gray Television Company Profile
Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in markets across the United States. The Company owns and/or operates television stations in approximately 50 television markets broadcasting over 180 separate programming streams, including approximately 40 affiliates of the CBS Network (CBS), over 30 affiliates of the NBC Network (NBC), approximately 20 affiliates of the ABC Network (ABC) and over 10 affiliates of the FOX Network (FOX).
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