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

Gray Television (NYSE:GTN - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "hold" rating to a "sell" rating in a research note issued on Monday.

A number of other analysts have also recently commented on GTN. Guggenheim cut their price objective on Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Benchmark dropped their price objective on Gray Television from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Wells Fargo & Company increased their price objective on Gray Television from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research report on Monday. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $6.17.

Gray Television Trading Down 1.2%

GTN traded down $0.05 during trading on Monday, reaching $4.15. The company had a trading volume of 1,223,783 shares, compared to its average volume of 1,456,169. The business has a 50 day simple moving average of $3.95 and a 200-day simple moving average of $3.97. The stock has a market cap of $421.40 million, a P/E ratio of 2.77 and a beta of 1.15. 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 has a 52 week low of $2.91 and a 52 week high of $6.67.

Gray Television (NYSE:GTN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.26. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The firm had revenue of $782.00 million for the quarter, compared to analyst estimates of $772.71 million. During the same quarter last year, the firm posted $0.79 earnings per share. The business's revenue for the quarter was down 5.0% on a year-over-year basis. On average, equities analysts anticipate that Gray Television will post 3.32 EPS for the current fiscal year.

Insider Buying and Selling at Gray Television

In other 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 transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.22% of the company's stock.

Hedge Funds Weigh In On Gray Television

Several institutional investors and hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its stake in shares of Gray Television by 30.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 14,146 shares of the company's stock valued at $45,000 after acquiring an additional 3,262 shares during the last quarter. Mariner LLC boosted its stake in Gray Television by 18.7% during the 4th quarter. Mariner LLC now owns 21,740 shares of the company's stock valued at $68,000 after purchasing an additional 3,419 shares during the last quarter. Choreo LLC lifted its position in shares of Gray Television by 13.2% during the 1st quarter. Choreo LLC now owns 30,374 shares of the company's stock worth $131,000 after buying an additional 3,547 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Gray Television by 1.1% during the 4th quarter. Nuveen Asset Management LLC now owns 336,905 shares of the company's stock worth $1,061,000 after buying an additional 3,737 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Gray Television by 157.6% during 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 in the last quarter. Institutional investors and hedge funds 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.