Guggenheim Lowers Gray Television (NYSE:GTN) Price Target to $7.00

Gray Television (NYSE:GTN) had its price objective reduced by stock analysts at Guggenheim from $8.00 to $7.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 87.42% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Barrington Research raised Gray Television to a “hold” rating in a report on Thursday, November 14th. Benchmark reduced their target price on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target for the company in a research report on Monday, March 3rd. Finally, StockNews.com raised shares of Gray Television from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.33.

Gray Television Stock Down 0.1 %

Shares of NYSE GTN traded down $0.01 during trading on Monday, reaching $3.74. 523,850 shares of the stock were exchanged, compared to its average volume of 1,355,687. The company has a market capitalization of $379.26 million, a price-to-earnings ratio of 2.50 and a beta of 1.45. The business’s 50-day moving average price is $3.67 and its 200 day moving average price is $4.39. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television has a twelve month low of $2.91 and a twelve month high of $7.41.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Thursday, February 27th. The company reported $1.59 EPS for the quarter, hitting analysts’ consensus estimates of $1.59. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. As a group, equities analysts forecast that Gray Television will post 3.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the sale, the director now directly owns 55,347 shares of the company’s stock, valued at approximately $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gray Television

Institutional investors have recently modified their holdings of the business. Creative Planning bought a new position in Gray Television in the third quarter worth about $56,000. Atria Investments Inc lifted its holdings in shares of Gray Television by 367.2% in the 3rd quarter. Atria Investments Inc now owns 63,901 shares of the company’s stock worth $343,000 after purchasing an additional 50,223 shares during the last quarter. Versor Investments LP boosted its position in Gray Television by 40.7% during the 3rd quarter. Versor Investments LP now owns 22,800 shares of the company’s stock valued at $122,000 after purchasing an additional 6,600 shares during the period. GSA Capital Partners LLP grew its stake in Gray Television by 287.9% during the 3rd quarter. GSA Capital Partners LLP now owns 232,832 shares of the company’s stock worth $1,248,000 after buying an additional 172,801 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in Gray Television by 20.1% during the 3rd quarter. Empowered Funds LLC now owns 411,449 shares of the company’s stock worth $2,205,000 after buying an additional 68,795 shares during the last quarter. Institutional investors own 78.64% of the company’s stock.

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.