Gray Television, Inc. (GTN) Stock Price Up 5.8%
Gray Television, Inc. (NYSE:GTN) shares rose 5.8% on Wednesday . The stock traded as high as $16.60 and last traded at $16.35. Approximately 1,556,559 shares traded hands during mid-day trading, an increase of 94% from the average daily volume of 803,653 shares. The stock had previously closed at $15.45.
GTN has been the topic of several analyst reports. Royal Bank Of Canada lifted their target price on Gray Television from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, August 9th. ValuEngine downgraded Gray Television from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 15th. Zacks Investment Research downgraded Gray Television from a “buy” rating to a “hold” rating in a research note on Wednesday, September 20th. Benchmark Co. lifted their target price on Gray Television from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Finally, BidaskClub downgraded Gray Television from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 6th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $17.80.
The firm’s 50-day moving average is $14.43 and its 200 day moving average is $13.94. The company has a market cap of $1.17 billion, a P/E ratio of 10.17 and a beta of 3.25.
Gray Television (NYSE:GTN) last posted its earnings results on Tuesday, August 8th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.25 by $0.03. Gray Television had a return on equity of 17.32% and a net margin of 13.38%. The firm had revenue of $226.70 million for the quarter, compared to analysts’ expectations of $221.05 million. During the same period last year, the firm earned $0.24 EPS. The firm’s revenue was up 15.3% compared to the same quarter last year. Analysts predict that Gray Television, Inc. will post $1.60 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Eqis Capital Management Inc. acquired a new stake in Gray Television in the 3rd quarter valued at approximately $201,000. Sterling Capital Management LLC increased its position in Gray Television by 0.8% in the 2nd quarter. Sterling Capital Management LLC now owns 58,513 shares of the company’s stock valued at $802,000 after acquiring an additional 440 shares during the period. Cubist Systematic Strategies LLC increased its position in Gray Television by 20,088.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 20,188 shares of the company’s stock valued at $277,000 after acquiring an additional 20,088 shares during the period. State Street Corp increased its position in Gray Television by 4.8% in the 2nd quarter. State Street Corp now owns 1,303,215 shares of the company’s stock valued at $17,855,000 after acquiring an additional 59,188 shares during the period. Finally, Royal Bank of Canada increased its position in Gray Television by 221.6% in the 2nd quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock valued at $36,828,000 after acquiring an additional 1,852,301 shares during the period. Hedge funds and other institutional investors own 81.33% 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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