Gray Television, Inc. (NYSE:GTN) Receives $6.33 Average Target Price from Brokerages

Shares of Gray Television, Inc. (NYSE:GTN) have earned a consensus recommendation of “Moderate Buy” from the five brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $6.33.

GTN has been the subject of a number of research reports. Wells Fargo & Company upgraded shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 target price for the company in a research note on Monday, March 3rd. Guggenheim decreased their target price on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 10th.

Gray Television Stock Performance

GTN stock opened at $3.43 on Tuesday. The stock has a market capitalization of $348.29 million, a PE ratio of 2.29 and a beta of 1.08. Gray Television has a 12-month low of $2.91 and a 12-month high of $7.41. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.76. The stock’s 50 day simple moving average is $3.91 and its 200 day simple moving average is $4.09.

Gray Television (NYSE:GTN) last released 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 business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. As a group, research analysts forecast that Gray Television will post 3.32 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.08 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 9.33%. Gray Television’s dividend payout ratio (DPR) is 9.61%.

Insider Transactions at Gray Television

In other news, Director Richard Lee Boger sold 16,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the completion of the sale, the director now directly owns 55,347 shares in the company, valued at $213,085.95. This represents a 22.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 15.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. HBK Sorce Advisory LLC boosted its holdings in Gray Television by 118.8% in the 1st quarter. HBK Sorce Advisory LLC now owns 26,578 shares of the company’s stock worth $115,000 after buying an additional 14,430 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Gray Television by 157.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company’s stock worth $38,000 after buying an additional 5,355 shares during the period. DHK Financial Advisors Inc. bought a new position in Gray Television in the 1st quarter worth $126,000. Welch Group LLC bought a new position in Gray Television in the 1st quarter worth $53,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Gray Television by 122.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 110,170 shares of the company’s stock worth $347,000 after buying an additional 60,618 shares during the period. Institutional investors 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.