Gray Television, Inc. (NYSE:GTN) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Gray Television, Inc. (NYSE:GTN) have been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $6.33.

A number of equities analysts recently weighed in on GTN shares. Guggenheim lowered their price objective on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Wells Fargo & Company raised Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective for the company in a research note on Monday, March 3rd.

Insiders Place Their Bets

In related news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the transaction, the director now owns 55,347 shares of the company’s stock, valued at $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 15.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Voleon Capital Management LP purchased a new stake in Gray Television during the fourth quarter worth approximately $32,000. Ameriprise Financial Inc. purchased a new stake in shares of Gray Television during the 4th quarter worth approximately $33,000. Boothbay Fund Management LLC acquired a new position in shares of Gray Television in the 4th quarter valued at $34,000. Harbor Capital Advisors Inc. grew its position in shares of Gray Television by 157.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company’s stock valued at $38,000 after buying an additional 5,355 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Gray Television by 214,100.0% in the 4th quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock valued at $40,000 after buying an additional 12,846 shares during the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Television Trading Down 3.9 %

GTN opened at $3.21 on Tuesday. The business’s 50 day moving average price is $3.97 and its 200 day moving average price is $4.16. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $325.95 million, a PE ratio of 2.14 and a beta of 1.08. Gray Television has a one year low of $2.91 and a one year high of $7.41.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.59. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. As a group, equities research analysts expect that Gray Television will post 3.32 EPS for the current year.

Gray Television Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.08 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.32 annualized dividend and a yield of 9.97%. Gray Television’s dividend payout ratio (DPR) is 9.61%.

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.