Guggenheim Issues Pessimistic Forecast for Gray Television (NYSE:GTN) Stock Price

Gray Television (NYSE:GTN) had its price target lowered by Guggenheim from $8.00 to $7.00 in a research report report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. Wells Fargo & Company raised Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 target price on the stock in a research note on Monday, March 3rd. Barrington Research upgraded Gray Television to a “hold” rating in a research report on Thursday, November 14th. StockNews.com raised Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Benchmark dropped their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $6.33.

Gray Television Price Performance

Shares of Gray Television stock opened at $4.11 on Monday. The stock has a market capitalization of $416.83 million, a P/E ratio of 2.74 and a beta of 1.45. Gray Television has a one year low of $2.91 and a one year high of $7.41. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. The business’s 50 day simple moving average is $3.72 and its two-hundred day simple moving average is $4.37.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, meeting analysts’ consensus estimates of $1.59. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. Analysts forecast that Gray Television will post 3.32 EPS for the current year.

Gray Television Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 7.80%. Gray Television’s dividend payout ratio is presently 9.61%.

Insider Buying and Selling

In related news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the transaction, the director now directly owns 55,347 shares of the company’s stock, valued at $213,085.95. This trade represents a 22.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Gray Television

A number of institutional investors and hedge funds have recently made changes to their positions in GTN. Voleon Capital Management LP purchased a new stake in shares of Gray Television in the 4th quarter worth approximately $32,000. Creative Planning bought a new stake in Gray Television in the third quarter worth $56,000. Ameriprise Financial Inc. purchased a new stake in shares of Gray Television in the fourth quarter worth $33,000. Boothbay Fund Management LLC bought a new position in shares of Gray Television during the fourth quarter valued at $34,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Gray Television in the 3rd quarter worth about $59,000. Institutional investors own 78.64% of the company’s stock.

Gray Television Company Profile

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.