Gray Television, Inc. (NYSE:GTN) Receives $8.33 Consensus Price Target from Analysts

Shares of Gray Television, Inc. (NYSE:GTN - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the five ratings firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $8.33.

Several brokerages recently weighed in on GTN. Benchmark cut their price target on Gray Television from $13.00 to $11.00 and set a "buy" rating for the company in a research note on Friday, August 9th. Wells Fargo & Company cut their price target on Gray Television from $6.00 to $4.00 and set an "underweight" rating for the company in a research note on Friday, August 9th. Finally, Guggenheim cut their price target on Gray Television from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th.

Gray Television Stock Performance

Shares of GTN stock traded down $0.06 on Friday, hitting $5.86. The company had a trading volume of 524,380 shares, compared to its average volume of 1,257,835. The firm has a market cap of $580.95 million, a P/E ratio of -48.83, a price-to-earnings-growth ratio of 0.12 and a beta of 1.49. The company has a 50-day moving average price of $5.07 and a 200-day moving average price of $5.48. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 2.98. Gray Television has a twelve month low of $4.15 and a twelve month high of $10.07.

Gray Television (NYSE:GTN - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The company had revenue of $826.00 million during the quarter, compared to analyst estimates of $840.33 million. During the same period last year, the firm earned ($0.10) EPS. The business's quarterly revenue was up 1.6% compared to the same quarter last year. As a group, equities research analysts predict that Gray Television will post 4.37 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 5.46%. Gray Television's dividend payout ratio (DPR) is currently -266.67%.

Institutional Investors Weigh In On Gray Television

Several large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Gray Television in the first quarter valued at approximately $25,000. nVerses Capital LLC purchased a new stake in shares of Gray Television in the second quarter valued at approximately $27,000. CWM LLC grew its position in shares of Gray Television by 733.1% in 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. Creative Planning purchased a new stake in shares of Gray Television in the third quarter valued at approximately $56,000. Finally, HBK Sorce Advisory LLC purchased a new stake in shares of Gray Television in the second quarter valued at approximately $58,000. 78.64% of the stock is currently owned by hedge funds and other 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.