Gray Television, Inc. (NYSE:GTN) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of Gray Television, Inc. (NYSE:GTN - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the five research firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $6.67.

Several research firms have recently commented on GTN. Guggenheim decreased their price objective on Gray Television from $10.00 to $8.00 and set a "buy" rating for the company in a report on Tuesday. StockNews.com raised Gray Television from a "sell" rating to a "hold" rating in a research report on Monday. Benchmark dropped their price objective on Gray Television from $11.00 to $8.00 and set a "buy" rating on the stock in a research note on Monday. Finally, Wells Fargo & Company reduced their target price on shares of Gray Television from $6.00 to $4.00 and set an "underweight" rating for the company in a research note on Friday, August 9th.

Institutional Investors Weigh In On Gray Television

A number of institutional investors have recently modified their holdings of GTN. Allspring Global Investments Holdings LLC purchased a new stake in shares of Gray Television during the 1st quarter valued at about $25,000. nVerses Capital LLC bought a new stake in shares of Gray Television during the second quarter valued at approximately $27,000. CWM LLC raised its holdings in shares of Gray Television by 733.1% during the 2nd quarter. CWM LLC now owns 7,448 shares of the company's stock worth $39,000 after acquiring an additional 6,554 shares in the last quarter. Creative Planning bought a new stake in Gray Television during the third quarter worth approximately $56,000. Finally, HBK Sorce Advisory LLC purchased a new position in shares of Gray Television during the second quarter valued at approximately $58,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Gray Television Price Performance

Shares of GTN stock traded up $0.39 during trading hours on Thursday, reaching $4.79. The company's stock had a trading volume of 1,694,746 shares, compared to its average volume of 1,277,228. The firm's 50 day simple moving average is $5.27 and its 200-day simple moving average is $5.43. The company has a market capitalization of $477.40 million, a price-to-earnings ratio of 3.19, a PEG ratio of 0.10 and a beta of 1.47. Gray Television has a fifty-two week low of $3.95 and a fifty-two week high of $10.07. The company has a quick ratio of 1.63, a current ratio of 1.13 and a debt-to-equity ratio of 2.76.

Gray Television (NYSE:GTN - Get Free Report) last announced its earnings results on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.08). Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The company had revenue of $950.00 million during the quarter, compared to the consensus estimate of $967.49 million. During the same quarter in the previous year, the company earned ($0.57) earnings per share. The business's revenue was up 18.3% on a year-over-year basis. Sell-side analysts forecast that Gray Television will post 4.37 earnings per share for the current year.

Gray Television Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 6.68%. Gray Television's payout ratio is 21.33%.

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.