Brokerages Set Gray Television, Inc. (NYSE:GTN) Price Target at $12.80

Gray Television, Inc. (NYSE:GTN) has been given an average rating of “Hold” by the five research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $12.80.

GTN has been the subject of several research analyst reports. Wells Fargo & Company upped their price objective on shares of Gray Television from $6.00 to $7.00 and gave the company an “underweight” rating in a research note on Friday, February 9th. Barrington Research reiterated a “market perform” rating on shares of Gray Television in a research note on Tuesday, February 27th.

Gray Television Stock Down 2.0 %

Shares of NYSE GTN opened at $5.75 on Friday. Gray Television has a 52-week low of $5.44 and a 52-week high of $10.69. The business’s 50 day moving average is $5.99 and its two-hundred day moving average is $7.40. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.12. The firm has a market cap of $558.90 million, a price-to-earnings ratio of -4.14, a PEG ratio of 0.15 and a beta of 1.57.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Friday, February 23rd. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). Gray Television had a negative return on equity of 3.76% and a negative net margin of 2.32%. The company had revenue of $864.00 million for the quarter, compared to analysts’ expectations of $863.31 million. During the same period in the prior year, the company posted $1.88 EPS. The firm’s revenue was down 19.4% compared to the same quarter last year. Research analysts predict that Gray Television will post 3.78 EPS for the current year.

Gray Television Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.32 annualized dividend and a yield of 5.57%. Gray Television’s dividend payout ratio is currently -23.02%.

Insider Buying and Selling

In related news, CEO Hilton H. Howell, Jr. bought 10,000 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was bought at an average cost of $8.09 per share, with a total value of $80,900.00. Following the completion of the acquisition, the chief executive officer now owns 2,982,386 shares in the company, valued at approximately $24,127,502.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 13.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Darsana Capital Partners LP boosted its holdings in shares of Gray Television by 336.8% in the 3rd quarter. Darsana Capital Partners LP now owns 4,000,441 shares of the company’s stock valued at $27,683,000 after purchasing an additional 3,084,578 shares during the last quarter. Capital Management Corp VA lifted its holdings in shares of Gray Television by 27.2% during the 4th quarter. Capital Management Corp VA now owns 3,094,883 shares of the company’s stock valued at $27,730,000 after acquiring an additional 661,760 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Gray Television by 7.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,221,487 shares of the company’s stock valued at $19,905,000 after acquiring an additional 160,500 shares in the last quarter. Penn Capital Management Company LLC lifted its holdings in shares of Gray Television by 26.9% during the 4th quarter. Penn Capital Management Company LLC now owns 1,826,720 shares of the company’s stock valued at $16,419,000 after acquiring an additional 387,055 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Gray Television by 2.5% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,611,082 shares of the company’s stock valued at $11,149,000 after acquiring an additional 39,870 shares in the last quarter. 78.64% of the stock is 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.