Gray Television (NYSE:GTN) Price Target Raised to $4.50

Gray Television (NYSE:GTN) had its price objective hoisted by Wells Fargo & Company from $4.00 to $4.50 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 0.88% from the company’s current price.

A number of other brokerages have also recently issued reports on GTN. Guggenheim lowered their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Benchmark cut their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.17.

Gray Television Stock Down 2.2%

Shares of NYSE:GTN opened at $4.54 on Monday. The stock has a fifty day simple moving average of $3.94 and a two-hundred day simple moving average of $3.97. The stock has a market capitalization of $461.01 million, a price-to-earnings ratio of 3.03 and a beta of 1.15. Gray Television has a 12-month low of $2.91 and a 12-month high of $7.28. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.26. The business had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $772.71 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.79 earnings per share. On average, research analysts anticipate that Gray Television will post 3.32 earnings per share for the current fiscal year.

Insider Transactions at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the sale, the director now directly owns 55,347 shares in the company, valued at approximately $213,085.95. The trade was a 22.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.22% of the company’s stock.

Institutional Investors Weigh In On Gray Television

A number of hedge funds have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd purchased a new stake in Gray Television during the fourth quarter valued at approximately $425,000. Barclays PLC boosted its position in Gray Television by 114.4% during the 3rd quarter. Barclays PLC now owns 272,272 shares of the company’s stock valued at $1,460,000 after acquiring an additional 145,263 shares in the last quarter. EntryPoint Capital LLC boosted its position in Gray Television by 925.7% during the 4th quarter. EntryPoint Capital LLC now owns 169,670 shares of the company’s stock valued at $534,000 after acquiring an additional 153,128 shares in the last quarter. Virtu Financial LLC bought a new stake in Gray Television during the 4th quarter valued at $324,000. Finally, Norges Bank purchased a new stake in shares of Gray Television during the 4th quarter valued at $2,170,000. 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.