Gray Television Inc. (GTN) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Gray Television Inc. (NYSE:GTN) have been assigned a consensus recommendation of “Buy” from the six brokerages that are presently covering the stock. One equities research analyst has rated the stock with a sell recommendation and five have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $20.67.
GTN has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Gray Television from a “strong sell” rating to a “hold” rating and set a $13.00 target price on the stock in a research report on Tuesday, July 12th. Wells Fargo & Co. restated a “buy” rating on shares of Gray Television in a research report on Monday, September 26th.
A number of hedge funds have recently bought and sold shares of GTN. Neuberger Berman Group LLC raised its stake in Gray Television by 15.3% in the second quarter. Neuberger Berman Group LLC now owns 5,141,017 shares of the company’s stock worth $55,780,000 after buying an additional 682,000 shares during the period. Vanguard Group Inc. raised its stake in Gray Television by 1.9% in the second quarter. Vanguard Group Inc. now owns 2,479,183 shares of the company’s stock worth $26,899,000 after buying an additional 45,272 shares during the period. Penn Capital Management Co. Inc. raised its stake in Gray Television by 21.6% in the second quarter. Penn Capital Management Co. Inc. now owns 2,198,885 shares of the company’s stock worth $23,822,000 after buying an additional 389,980 shares during the period. Victory Capital Management Inc. raised its stake in Gray Television by 8.2% in the second quarter. Victory Capital Management Inc. now owns 1,868,116 shares of the company’s stock worth $20,269,000 after buying an additional 142,053 shares during the period. Finally, Calixto Global Investors LP raised its stake in Gray Television by 137.8% in the first quarter. Calixto Global Investors LP now owns 1,851,713 shares of the company’s stock worth $21,702,000 after buying an additional 1,072,891 shares during the period. 86.54% of the stock is currently owned by institutional investors.
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Shares of Gray Television (NYSE:GTN) traded up 2.52% during mid-day trading on Monday, reaching $9.75. 309,357 shares of the company’s stock traded hands. Gray Television has a 12-month low of $9.15 and a 12-month high of $17.70. The stock has a 50-day moving average price of $10.55 and a 200 day moving average price of $11.28. The firm has a market capitalization of $700.81 million, a price-to-earnings ratio of 14.57 and a beta of 2.99.
Gray Television (NYSE:GTN) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.25 EPS for the quarter, hitting the consensus estimate of $0.25. The business had revenue of $196.60 million for the quarter, compared to analysts’ expectations of $196.25 million. Gray Television had a net margin of 6.98% and a return on equity of 12.58%. The business’s quarterly revenue was up 37.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.17 EPS. Analysts anticipate that Gray Television will post $1.43 EPS for the current fiscal year.
About Gray Television
Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in markets across the United States. The Company owns and/or operates television stations in approximately 50 television markets broadcasting over 180 separate programming streams, including approximately 40 affiliates of the CBS Network (CBS), over 30 affiliates of the NBC Network (NBC), approximately 20 affiliates of the ABC Network (ABC) and over 10 affiliates of the FOX Network (FOX).
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