Gray Television (NYSE:GTN) Given New $7.00 Price Target at Guggenheim

Gray Television (NYSE:GTN) had its price objective reduced by Guggenheim from $8.00 to $7.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

GTN has been the topic of a number of other research reports. Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective on the stock in a research note on Monday, March 3rd. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Barrington Research upgraded Gray Television to a “hold” rating in a research report on Thursday, November 14th. Finally, Benchmark reduced their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating for the company in a report on Monday, November 11th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $6.33.

Gray Television Stock Up 1.5 %

GTN stock opened at $3.80 on Monday. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.13 and a quick ratio of 1.13. The firm’s fifty day simple moving average is $3.67 and its 200-day simple moving average is $4.39. Gray Television has a 12 month low of $2.91 and a 12 month high of $7.41. The company has a market capitalization of $385.36 million, a P/E ratio of 2.53 and a beta of 1.45.

Gray Television (NYSE:GTN) last announced its quarterly 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. As a group, equities research analysts forecast that Gray Television will post 3.32 earnings per share for the current 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 given a $0.08 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 8.43%. Gray Television’s dividend payout ratio (DPR) is 9.61%.

Insider Buying and Selling

In other news, Director Richard Lee Boger sold 16,000 shares of Gray Television 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 sale, the director now directly owns 55,347 shares of the company’s stock, valued at $213,085.95. The trade was 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. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voleon Capital Management LP purchased a new stake in shares of Gray Television during the fourth quarter worth $32,000. Creative Planning purchased a new stake in Gray Television during the 3rd quarter valued at about $56,000. Ameriprise Financial Inc. acquired a new stake in Gray Television in the 4th quarter valued at about $33,000. Boothbay Fund Management LLC purchased a new position in Gray Television in the 4th quarter worth approximately $34,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Gray Television during the 3rd quarter worth approximately $59,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.