Analysts Set Gray Television, Inc. (NYSE:GTN) Price Target at $8.33

Gray Television, Inc. (NYSE:GTN) has received a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $8.33.

A number of analysts recently commented on the stock. Guggenheim dropped their target price on shares of Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Wells Fargo & Company dropped their target price on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a report on Friday, August 9th. Finally, Benchmark dropped their target price on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, August 9th.

Institutional Investors Weigh In On Gray Television

A number of large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in Gray Television during the first quarter valued at approximately $25,000. nVerses Capital LLC purchased a new position in Gray Television during the second quarter valued at approximately $27,000. CWM LLC grew its position in Gray Television by 733.1% during the second quarter. CWM LLC now owns 7,448 shares of the company’s stock valued at $39,000 after purchasing an additional 6,554 shares in the last quarter. HBK Sorce Advisory LLC purchased a new position in Gray Television during the second quarter valued at approximately $58,000. Finally, Choreo LLC purchased a new position in Gray Television during the second quarter valued at approximately $60,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Stock Up 4.3 %

Gray Television stock opened at $5.32 on Wednesday. The stock has a market cap of $527.41 million, a price-to-earnings ratio of -44.33, a PEG ratio of 0.10 and a beta of 1.49. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98. The company’s 50-day moving average price is $5.14 and its two-hundred day moving average price is $5.53. Gray Television has a 52 week low of $4.15 and a 52 week high of $10.07.

Gray Television (NYSE:GTN) last released its earnings results on Thursday, August 8th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.01). The company had revenue of $826.00 million for the quarter, compared to analyst estimates of $840.33 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) EPS. On average, analysts expect that Gray Television will post 4.97 EPS for the current fiscal year.

Gray Television Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.02%. Gray Television’s dividend payout ratio is currently -266.67%.

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.