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

Gray Television (NYSE:GTN) had its target price reduced by stock analysts at Guggenheim from $10.00 to $8.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price target would indicate a potential upside of 82.03% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company lowered their price target on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a research report on Friday, August 9th. StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a report on Monday. Finally, Benchmark cut their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.67.

Gray Television Stock Performance

NYSE GTN opened at $4.40 on Tuesday. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.63. The stock’s 50 day simple moving average is $5.26 and its 200-day simple moving average is $5.43. The company has a market cap of $438.04 million, a PE ratio of 2.93, a price-to-earnings-growth ratio of 0.10 and a beta of 1.47. Gray Television has a 1-year low of $3.95 and a 1-year high of $10.07.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The firm had revenue of $950.00 million during the quarter, compared to analysts’ expectations of $967.49 million. During the same quarter in the previous year, the business posted ($0.57) EPS. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. As a group, equities research analysts anticipate that Gray Television will post 4.37 EPS for the current fiscal year.

Institutional Trading of Gray Television

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Gray Television by 9.8% in the first quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company’s stock worth $35,786,000 after acquiring an additional 506,106 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Gray Television by 168.1% in the 1st quarter. BNP Paribas Financial Markets now owns 67,101 shares of the company’s stock valued at $424,000 after purchasing an additional 42,075 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Gray Television by 3.2% during the 1st quarter. Russell Investments Group Ltd. now owns 212,937 shares of the company’s stock worth $1,346,000 after purchasing an additional 6,652 shares during the period. Squarepoint Ops LLC increased its position in shares of Gray Television by 454.2% during the 2nd quarter. Squarepoint Ops LLC now owns 142,541 shares of the company’s stock worth $741,000 after purchasing an additional 116,821 shares during the last quarter. Finally, Capital Management Corp VA raised its holdings in 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 buying an additional 1,170,990 shares during the period. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.