Gray Television, Inc. (NYSE:GTN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Gray Television, Inc. (NYSE:GTN) has been given a consensus rating of “Moderate Buy” by the five brokerages that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $6.67.

Several research firms recently weighed in on GTN. Barrington Research upgraded Gray Television to a “hold” rating in a research note on Thursday, November 14th. StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Guggenheim reduced their price objective on Gray Television from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Benchmark reduced their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Finally, Wells Fargo & Company upgraded Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective for the company in a research note on Monday, March 3rd.

Insider Activity

In related 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 transaction of $61,600.00. Following the transaction, the director now owns 55,347 shares of the company’s stock, valued at $213,085.95. This represents a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GTN. Voleon Capital Management LP acquired a new position in Gray Television during the fourth quarter worth $32,000. Ameriprise Financial Inc. acquired a new position in Gray Television during the fourth quarter worth $33,000. Boothbay Fund Management LLC acquired a new position in Gray Television during the fourth quarter worth $34,000. Federated Hermes Inc. grew its holdings in Gray Television by 214,100.0% during the fourth quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock worth $40,000 after acquiring an additional 12,846 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Gray Television during the fourth quarter worth $43,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Television Price Performance

GTN stock opened at $3.75 on Monday. The business has a 50 day moving average price of $3.67 and a 200 day moving average price of $4.39. The stock has a market cap of $380.28 million, a price-to-earnings ratio of 2.50 and a beta of 1.45. Gray Television has a fifty-two week low of $2.91 and a fifty-two week high of $7.41. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, hitting the consensus estimate of $1.59. The firm had revenue of $1.05 billion during 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%. Equities research analysts anticipate that Gray Television will post 3.32 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The business 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.54%. The ex-dividend date is Friday, March 14th. Gray Television’s payout ratio is currently 9.61%.

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.