Gray Television (NYSE:GTN) Price Target Increased to $13.00 by Analysts at Benchmark

Gray Television (NYSE:GTN) had its target price lifted by investment analysts at Benchmark from $11.00 to $13.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective indicates a potential upside of 95.20% from the company’s current price.

Several other research analysts also recently issued reports on the company. Barrington Research reaffirmed a “market perform” rating on shares of Gray Television in a report on Tuesday, February 27th. Wells Fargo & Company raised their price target on Gray Television from $5.50 to $6.00 and gave the company an “underweight” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $11.40.

Gray Television Price Performance

GTN stock traded down $0.04 during midday trading on Wednesday, reaching $6.66. 610,602 shares of the company’s stock traded hands, compared to its average volume of 1,125,017. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.12. The company has a market cap of $647.35 million, a price-to-earnings ratio of -4.79, a PEG ratio of 0.15 and a beta of 1.55. The company has a 50-day simple moving average of $5.91 and a two-hundred day simple moving average of $7.39. Gray Television has a 1-year low of $5.44 and a 1-year high of $10.69.

Gray Television (NYSE:GTN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.25. Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $824.98 million. During the same quarter in the prior year, the company earned ($0.48) EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts anticipate that Gray Television will post 4.21 earnings per share for the current year.

Insider Buying and Selling at Gray Television

In other news, CEO Hilton H. Howell, Jr. acquired 10,000 shares of Gray Television stock in a transaction that occurred on Thursday, March 28th. The shares were acquired at an average price of $8.09 per share, with a total value of $80,900.00. Following the purchase, the chief executive officer now directly owns 2,982,386 shares of the company’s stock, valued at $24,127,502.74. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 13.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Darsana Capital Partners LP raised its position in shares of Gray Television by 336.8% during the third quarter. Darsana Capital Partners LP now owns 4,000,441 shares of the company’s stock worth $27,683,000 after purchasing an additional 3,084,578 shares during the period. Capital Management Corp VA lifted its stake in Gray Television by 27.2% in the fourth quarter. Capital Management Corp VA now owns 3,094,883 shares of the company’s stock valued at $27,730,000 after buying an additional 661,760 shares in the last quarter. CenterBook Partners LP bought a new position in Gray Television in the fourth quarter valued at approximately $3,671,000. Penn Capital Management Company LLC increased its position in shares of Gray Television by 26.9% during the fourth quarter. Penn Capital Management Company LLC now owns 1,826,720 shares of the company’s stock worth $16,419,000 after acquiring an additional 387,055 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Gray Television by 23.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,060,987 shares of the company’s stock worth $14,262,000 after acquiring an additional 386,907 shares during the period. 78.64% of the stock is currently owned by institutional investors.

About Gray Television

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.