Gray Television (NYSE:GTN) Cut to Sell at StockNews.com

StockNews.com lowered shares of Gray Television (NYSE:GTN) from a hold rating to a sell rating in a research note published on Monday.

Several other equities research analysts have also recently weighed in on GTN. Wells Fargo & Company increased their target price on Gray Television from $4.00 to $4.50 and gave the company an “equal weight” rating in a report on Monday. Benchmark dropped their target price on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Finally, Guggenheim dropped their target price on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, March 10th. One investment 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, Gray Television presently has an average rating of “Hold” and a consensus price target of $6.17.

Gray Television Stock Performance

NYSE:GTN opened at $4.21 on Monday. The firm has a market cap of $427.50 million, a price-to-earnings ratio of 2.81 and a beta of 1.15. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The business’s fifty day moving average is $3.95 and its 200 day moving average is $3.97. Gray Television has a 52-week low of $2.91 and a 52-week high of $7.13.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.26. The firm had revenue of $782.00 million for the quarter, compared to analyst estimates of $772.71 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The company’s revenue was down 5.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.79 EPS. Research analysts predict that Gray Television will post 3.32 EPS for the current year.

Gray Television Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 7.60%. The ex-dividend date is Friday, June 13th. Gray Television’s dividend payout ratio (DPR) is currently 13.85%.

Insiders Place Their Bets

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction that occurred 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 owns 55,347 shares in the company, valued at approximately $213,085.95. This trade represents a 22.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 15.22% of the company’s stock.

Institutional Investors Weigh In On Gray Television

Several institutional investors and hedge funds have recently bought and sold shares of GTN. Voleon Capital Management LP purchased a new stake in Gray Television in the 4th quarter worth approximately $32,000. Ameriprise Financial Inc. purchased a new stake in Gray Television in the 4th quarter worth approximately $33,000. Boothbay Fund Management LLC purchased a new position in shares of Gray Television in the 4th quarter valued at approximately $34,000. Harbor Capital Advisors Inc. lifted its stake in shares of Gray Television by 157.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company’s stock valued at $38,000 after purchasing an additional 5,355 shares during the period. Finally, Federated Hermes Inc. lifted its stake in shares of Gray Television by 214,100.0% in the 4th quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock valued at $40,000 after purchasing an additional 12,846 shares during the period. Hedge funds and other 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.