Guggenheim Has Lowered Expectations for Gray Television (NYSE:GTN) Stock Price

Gray Television (NYSE:GTN) had its target price lowered by Guggenheim from $10.00 to $8.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the company. StockNews.com raised Gray Television from a “sell” rating to a “hold” rating in a report on Monday. Wells Fargo & Company cut their price objective on Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. Finally, Benchmark cut their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a research 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Gray Television currently has a consensus rating of “Moderate Buy” and an average target price of $6.67.

Gray Television Price Performance

Shares of Gray Television stock opened at $4.79 on Tuesday. Gray Television has a one year low of $3.95 and a one year high of $10.07. The stock’s fifty day moving average is $5.27 and its 200 day moving average is $5.43. The stock has a market cap of $477.42 million, a P/E ratio of 3.19, a P/E/G ratio of 0.12 and a beta of 1.47. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.63 and a current ratio of 1.13.

Gray Television (NYSE:GTN) last announced its earnings results on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The company 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 business posted ($0.57) earnings per share. Gray Television’s revenue for the quarter was up 18.3% compared to the same quarter last year. Sell-side analysts anticipate that Gray Television will post 3.54 earnings per share for the current year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.68%. The ex-dividend date is Friday, December 13th. Gray Television’s dividend payout ratio (DPR) is presently 21.33%.

Institutional Investors Weigh In On Gray Television

Hedge funds have recently added to or reduced their stakes in the business. Verition Fund Management LLC raised its position in shares of Gray Television by 64.0% in the third quarter. Verition Fund Management LLC now owns 17,480 shares of the company’s stock worth $94,000 after acquiring an additional 6,824 shares during the period. Capstone Investment Advisors LLC acquired a new position in shares of Gray Television in the third quarter worth about $185,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Gray Television by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 239,371 shares of the company’s stock worth $1,283,000 after acquiring an additional 2,654 shares during the period. BNP Paribas Financial Markets raised its position in shares of Gray Television by 109.3% in the third quarter. BNP Paribas Financial Markets now owns 127,497 shares of the company’s stock worth $683,000 after acquiring an additional 66,578 shares during the period. Finally, Intech Investment Management LLC acquired a new position in shares of Gray Television in the third quarter worth about $143,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

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.