BidaskClub Lowers Gray Television, Inc. (NYSE:GTN) to Buy
BidaskClub cut shares of Gray Television, Inc. (NYSE:GTN) from a strong-buy rating to a buy rating in a research report released on Sunday.
Several other research firms have also recently issued reports on GTN. Royal Bank Of Canada restated a buy rating and set a $17.00 target price on shares of Gray Television in a research note on Thursday, April 13th. Benchmark Co. restated a buy rating and set a $19.00 target price on shares of Gray Television in a research note on Friday, May 5th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Gray Television has an average rating of Buy and a consensus target price of $16.75.
Shares of Gray Television (NYSE GTN) opened at 14.50 on Friday. Gray Television has a 12-month low of $7.00 and a 12-month high of $15.45. The stock has a market cap of $1.04 billion, a P/E ratio of 16.48 and a beta of 3.28. The company’s 50-day moving average is $14.08 and its 200-day moving average is $13.43.
Gray Television (NYSE:GTN) last posted its earnings results on Tuesday, August 8th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The business had revenue of $226.70 million for the quarter, compared to analysts’ expectations of $221.05 million. Gray Television had a net margin of 7.57% and a return on equity of 17.77%. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 EPS. On average, equities research analysts anticipate that Gray Television will post $0.92 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC raised its stake in Gray Television by 13.3% in the first quarter. Neuberger Berman Group LLC now owns 5,794,462 shares of the company’s stock valued at $84,020,000 after buying an additional 678,295 shares during the last quarter. FMR LLC raised its stake in Gray Television by 23.6% in the first quarter. FMR LLC now owns 3,858,697 shares of the company’s stock valued at $55,951,000 after buying an additional 737,600 shares during the last quarter. Vanguard Group Inc. raised its stake in Gray Television by 4.5% in the first quarter. Vanguard Group Inc. now owns 2,716,180 shares of the company’s stock valued at $39,385,000 after buying an additional 116,874 shares during the last quarter. Victory Capital Management Inc. raised its stake in Gray Television by 6.7% in the first quarter. Victory Capital Management Inc. now owns 2,489,043 shares of the company’s stock valued at $36,091,000 after buying an additional 156,696 shares during the last quarter. Finally, State Street Corp raised its stake in Gray Television by 0.7% in the fourth quarter. State Street Corp now owns 1,246,593 shares of the company’s stock valued at $13,528,000 after buying an additional 8,977 shares during the last quarter. 87.34% of the stock is owned by hedge funds and other institutional investors.
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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