Gray Television (NYSE:GTN) Rating Increased to Equal Weight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Gray Television (NYSE:GTN) from an underweight rating to an equal weight rating in a research note issued to investors on Monday morning, Marketbeat Ratings reports. The firm currently has $4.00 target price on the stock.

A number of other equities research analysts also recently commented on GTN. StockNews.com raised Gray Television from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Barrington Research upgraded Gray Television to a “hold” rating in a research report on Thursday, November 14th. 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, November 11th. Finally, Guggenheim dropped their price target on Gray Television from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $6.67.

Gray Television Stock Performance

Gray Television stock opened at $3.70 on Monday. The firm has a market capitalization of $368.77 million, a P/E ratio of 2.47 and a beta of 1.41. The company’s 50-day moving average is $3.63 and its 200 day moving average is $4.42. Gray Television has a 1-year low of $2.91 and a 1-year high of $7.41. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.59. The company 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%. Research analysts forecast that Gray Television will post 3.32 EPS for the current year.

Gray Television Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.65%. Gray Television’s payout ratio is 21.33%.

Institutional Investors Weigh In On Gray Television

Hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Gray Television by 1.1% during the 3rd 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 purchasing an additional 2,654 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Gray Television by 30.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 14,146 shares of the company’s stock worth $45,000 after purchasing an additional 3,262 shares in the last quarter. Mariner LLC boosted its position in shares of Gray Television by 18.7% in the fourth quarter. Mariner LLC now owns 21,740 shares of the company’s stock worth $68,000 after buying an additional 3,419 shares during the period. Nuveen Asset Management LLC grew its stake in shares of Gray Television by 1.1% in the fourth quarter. Nuveen Asset Management LLC now owns 336,905 shares of the company’s stock valued at $1,061,000 after buying an additional 3,737 shares in the last quarter. Finally, Quadrature Capital Ltd raised its holdings in shares of Gray Television by 27.4% during the 3rd quarter. Quadrature Capital Ltd now owns 19,006 shares of the company’s stock valued at $102,000 after buying an additional 4,083 shares during the period. 78.64% of the stock is owned by institutional investors and hedge funds.

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.