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

Gray Television, Inc. (NYSE:GTN - Get Free Report) has been given an average rating of "Moderate Buy" by the five research firms that are currently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $6.33.

Several brokerages have weighed in on GTN. Wells Fargo & Company raised 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. Guggenheim reduced their target price on shares of Gray Television from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, March 10th.

Gray Television Price Performance

Shares of Gray Television stock remained flat at $3.40 during trading on Tuesday. The stock had a trading volume of 736,375 shares, compared to its average volume of 1,420,460. Gray Television has a 52-week low of $2.91 and a 52-week high of $7.41. 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 50-day moving average price is $3.92 and its two-hundred day moving average price is $4.11. The firm has a market cap of $345.25 million, a P/E ratio of 2.27 and a beta of 1.08.

Gray Television (NYSE:GTN - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.59. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. On average, research analysts predict that Gray Television will post 3.32 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 9.41%. Gray Television's payout ratio is 9.61%.

Insiders Place Their Bets

In related news, Director Richard Lee Boger sold 16,000 shares of the business's 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. The trade was a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 15.22% of the company's stock.

Institutional Investors Weigh In On Gray Television

Several hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in Gray Television by 1.9% during the 3rd quarter. State Street Corp now owns 2,009,896 shares of the company's stock valued at $10,773,000 after purchasing an additional 36,541 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Gray Television in the fourth quarter worth approximately $425,000. Barclays PLC lifted its holdings in Gray Television by 114.4% during the third quarter. Barclays PLC now owns 272,272 shares of the company's stock worth $1,460,000 after buying an additional 145,263 shares during the period. EntryPoint Capital LLC boosted its position in Gray Television by 925.7% during the 4th quarter. EntryPoint Capital LLC now owns 169,670 shares of the company's stock valued at $534,000 after acquiring an additional 153,128 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Gray Television in the 4th quarter valued at $324,000. 78.64% of the stock is currently 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.