Gray Television, Inc. (NYSE:GTN) was downgraded by ValuEngine from a “strong-buy” rating to a “buy” rating in a report issued on Friday.

GTN has been the topic of several other reports. BidaskClub raised Gray Television from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Wells Fargo & Company reaffirmed an “outperform” rating and set a $18.00 price objective (up from $15.50) on shares of Gray Television in a research report on Thursday, August 10th. Royal Bank Of Canada set a $16.00 price objective on Gray Television and gave the company a “buy” rating in a research report on Tuesday, July 18th. Finally, Benchmark Co. lifted their price objective on Gray Television from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $17.00.

Gray Television (GTN) traded up 3.36% on Friday, reaching $13.85. The company had a trading volume of 943,312 shares. Gray Television has a one year low of $7.00 and a one year high of $15.45. The firm has a market capitalization of $992.14 million, a price-to-earnings ratio of 8.61 and a beta of 3.29. The company’s 50 day moving average is $14.20 and its 200-day moving average is $13.88.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The business had revenue of $226.70 million for the quarter, compared to analysts’ expectations of $221.05 million. Gray Television had a return on equity of 17.32% and a net margin of 13.38%. The business’s revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 EPS. On average, equities research analysts expect that Gray Television will post $1.61 earnings per share for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its holdings in shares of Gray Television by 0.8% during the second quarter. Sterling Capital Management LLC now owns 58,513 shares of the company’s stock valued at $802,000 after purchasing an additional 440 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Gray Television by 20,088.0% during the second quarter. Cubist Systematic Strategies LLC now owns 20,188 shares of the company’s stock valued at $277,000 after purchasing an additional 20,088 shares during the last quarter. State Street Corp lifted its holdings in shares of Gray Television by 4.8% during the second quarter. State Street Corp now owns 1,303,215 shares of the company’s stock valued at $17,855,000 after purchasing an additional 59,188 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Gray Television by 221.6% during the second quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock valued at $36,828,000 after purchasing an additional 1,852,301 shares during the last quarter. Finally, Voya Investment Management LLC lifted its holdings in shares of Gray Television by 9.5% during the second quarter. Voya Investment Management LLC now owns 32,706 shares of the company’s stock valued at $448,000 after purchasing an additional 2,844 shares during the last quarter. Hedge funds and other institutional investors own 89.48% of the company’s stock.

About Gray Television

Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).

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