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

Gray Television (NYSE:GTN - Get Free Report) had its price objective cut by equities researchers at Benchmark from $11.00 to $8.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's price objective would indicate a potential upside of 77.58% from the stock's previous close.

GTN has been the subject of a number of other reports. Guggenheim cut their price target on Gray Television from $12.00 to $10.00 and set a "buy" rating for the company in a report on Wednesday, August 14th. Wells Fargo & Company dropped their price objective on Gray Television from $6.00 to $4.00 and set an "underweight" rating for the company in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Gray Television presently has a consensus rating of "Moderate Buy" and an average price target of $7.33.

Gray Television Price Performance

Shares of Gray Television stock traded up $0.22 during trading on Monday, reaching $4.51. The company's stock had a trading volume of 2,990,660 shares, compared to its average volume of 1,267,588. The stock has a 50-day moving average price of $5.29 and a two-hundred day moving average price of $5.45. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98. Gray Television has a one year low of $3.95 and a one year high of $10.07. The stock has a market capitalization of $449.01 million, a P/E ratio of 3.00, a price-to-earnings-growth ratio of 0.10 and a beta of 1.47.

Gray Television (NYSE:GTN - Get Free Report) last released its quarterly earnings results on Friday, November 8th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.94 by ($0.08). Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The business had revenue of $950.00 million during the quarter, compared to the consensus estimate of $967.49 million. During the same period in the prior year, the firm earned ($0.57) earnings per share. The business's quarterly revenue was up 18.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Gray Television will post 4.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Gray Television

Several institutional investors have recently modified their holdings of the stock. Capital Management Corp VA grew its position in shares of Gray Television by 27.6% in the 3rd quarter. Capital Management Corp VA now owns 5,408,269 shares of the company's stock valued at $28,988,000 after purchasing an additional 1,170,990 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Gray Television by 232.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 813,000 shares of the company's stock valued at $5,138,000 after buying an additional 568,400 shares in the last quarter. Vanguard Group Inc. grew its holdings in Gray Television by 9.8% in the 1st quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company's stock valued at $35,786,000 after buying an additional 506,106 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Gray Television during the 1st quarter worth $2,010,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Gray Television during the 1st quarter worth $1,093,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.