Gray Television’s (GTN) “Buy” Rating Reaffirmed at Royal Bank Of Canada
Royal Bank Of Canada reissued their buy rating on shares of Gray Television, Inc. (NYSE:GTN) in a research note issued to investors on Wednesday. They currently have a $17.00 price target on the stock.
GTN has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Gray Television from a hold rating to a buy rating and set a $16.00 price target on the stock in a report on Thursday, September 21st. BidaskClub upgraded shares of Gray Television from a buy rating to a strong-buy rating in a report on Monday, July 31st. Wells Fargo & Company reiterated an outperform rating and issued a $18.00 price target (up previously from $15.50) on shares of Gray Television in a report on Thursday, August 10th. Benchmark Co. lifted their price target on shares of Gray Television from $19.00 to $20.00 and gave the company a buy rating in a report on Wednesday, August 9th. Finally, ValuEngine upgraded shares of Gray Television from a buy rating to a strong-buy rating in a report on Thursday, September 21st. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $17.80.
Shares of Gray Television (NYSE:GTN) traded up 2.36% during mid-day trading on Wednesday, reaching $15.20. The company’s stock had a trading volume of 484,348 shares. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 9.45 and a beta of 3.29. The firm’s 50 day moving average price is $14.18 and its 200-day moving average price is $13.88. Gray Television has a 1-year low of $7.00 and a 1-year high of $15.45.
Gray Television (NYSE:GTN) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.03. The company had revenue of $226.70 million for the quarter, compared to analyst estimates of $221.05 million. Gray Television had a net margin of 13.38% and a return on equity of 17.32%. Gray Television’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter last year, the business earned $0.24 EPS. On average, analysts predict that Gray Television will post $1.61 EPS for the current year.
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Several large investors have recently bought and sold shares of GTN. BNP Paribas Arbitrage SA lifted its holdings in shares of Gray Television by 4,901.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,452 shares of the company’s stock valued at $102,000 after acquiring an additional 7,303 shares in the last quarter. LSV Asset Management purchased a new stake in Gray Television during the 2nd quarter worth $153,000. Clinton Group Inc. purchased a new stake in Gray Television during the 1st quarter worth $176,000. Pacad Investment Ltd. increased its stake in Gray Television by 24.3% during the 2nd quarter. Pacad Investment Ltd. now owns 13,800 shares of the company’s stock worth $189,000 after buying an additional 2,700 shares during the period. Finally, Legal & General Group Plc increased its stake in Gray Television by 3.2% during the 2nd quarter. Legal & General Group Plc now owns 16,502 shares of the company’s stock worth $226,000 after buying an additional 505 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.
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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