Gray Television (NYSE:GTN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Gray Television is a communications company headquartered in Atlanta, Georgia, and currently operates 15 CBS-affiliated television stations, seven NBC-affiliated television stations, seven ABC-affiliated television stations and four daily newspapers. “

A number of other brokerages have also weighed in on GTN. ValuEngine lowered Gray Television from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Guggenheim started coverage on Gray Television in a report on Wednesday, October 18th. They issued a “buy” rating and a $20.00 price objective on the stock. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Gray Television in a report on Tuesday, November 7th. Finally, Jefferies Group started coverage on Gray Television in a report on Thursday, December 14th. They issued a “buy” rating and a $18.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $18.57.

Gray Television (GTN) opened at $15.45 on Wednesday. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. The firm has a market capitalization of $1,347.77, a PE ratio of 8.54, a PEG ratio of 1.96 and a beta of 2.46. Gray Television has a 1-year low of $11.70 and a 1-year high of $17.80.

In related news, EVP Kevin Paul Latek sold 97,634 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $16.96, for a total transaction of $1,655,872.64. Following the sale, the executive vice president now directly owns 219,706 shares of the company’s stock, valued at $3,726,213.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.00% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in Gray Television during the third quarter worth about $163,000. Macquarie Group Ltd. acquired a new stake in Gray Television during the third quarter worth about $166,000. Stifel Financial Corp acquired a new stake in Gray Television during the third quarter worth about $175,000. Tower Research Capital LLC TRC grew its holdings in Gray Television by 77.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,758 shares of the company’s stock worth $180,000 after acquiring an additional 4,706 shares during the period. Finally, Advisor Group Inc. grew its holdings in Gray Television by 109.3% during the third quarter. Advisor Group Inc. now owns 11,932 shares of the company’s stock worth $187,000 after acquiring an additional 6,232 shares during the period. 68.37% of the stock is currently owned by hedge funds and other institutional investors.

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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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