Barrington Research Upgrades Gray Television (NYSE:GTN) to “Hold”

Barrington Research upgraded shares of Gray Television (NYSE:GTN) to a hold rating in a research note published on Thursday morning,Zacks.com reports.

GTN has been the subject of a number of other reports. Wells Fargo & Company decreased their price objective on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Guggenheim cut their target price on Gray Television from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, Benchmark cut their price objective on shares of Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Gray Television currently has a consensus rating of “Moderate Buy” and an average price target of $6.67.

Gray Television Stock Performance

NYSE GTN opened at $4.69 on Thursday. The company has a current ratio of 1.13, a quick ratio of 1.63 and a debt-to-equity ratio of 2.76. The company has a market capitalization of $467.44 million, a PE ratio of 3.13, a price-to-earnings-growth ratio of 0.13 and a beta of 1.47. Gray Television has a twelve month low of $3.95 and a twelve month high of $10.07. The business’s 50-day moving average price is $5.27 and its 200 day moving average price is $5.41.

Gray Television (NYSE:GTN) last issued 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 net margin of 5.69% and a return on equity of 9.60%. The business had revenue of $950.00 million during the quarter, compared to analysts’ expectations of $967.49 million. During the same period in the prior year, the business posted ($0.57) EPS. The business’s revenue was up 18.3% on a year-over-year basis. On average, research analysts predict that Gray Television will post 2.7 earnings per share for the current year.

Gray Television Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 yield of 6.82%. The ex-dividend date is Friday, December 13th. Gray Television’s payout ratio is 21.33%.

Hedge Funds Weigh In On Gray Television

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of Gray Television in the 1st quarter valued at about $25,000. nVerses Capital LLC bought a new position in shares of Gray Television in the second quarter worth about $27,000. CWM LLC lifted its holdings in shares of Gray Television by 733.1% during the second quarter. CWM LLC now owns 7,448 shares of the company’s stock worth $39,000 after buying an additional 6,554 shares during the last quarter. Creative Planning acquired a new position in shares of Gray Television during the third quarter valued at about $56,000. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of Gray Television during the 2nd quarter worth approximately $58,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.