Gray Television, Inc. (NYSE:GTN) was the recipient of a large decline in short interest in the month of December. As of December 15th, there was short interest totalling 3,115,129 shares, a decline of 35.3% from the November 30th total of 4,815,386 shares. Based on an average daily trading volume, of 2,088,607 shares, the days-to-cover ratio is presently 1.5 days. Approximately 4.9% of the company’s shares are sold short.

GTN has been the topic of several recent research reports. Jefferies Group initiated coverage on Gray Television in a report on Thursday, December 14th. They set a “buy” rating and a $18.00 price target on the stock. ValuEngine downgraded Gray Television from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 30th. Royal Bank of Canada restated a “buy” rating and set a $17.00 price target on shares of Gray Television in a report on Wednesday, September 27th. Zacks Investment Research upgraded Gray Television from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Thursday, September 21st. Finally, Benchmark restated a “buy” rating and set a $21.00 price target on shares of Gray Television in a report on Tuesday, November 7th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $18.43.

In related news, EVP Kevin Paul Latek sold 97,634 shares of the business’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $16.96, for a total value of $1,655,872.64. Following the sale, the executive vice president now owns 219,706 shares in the company, valued at approximately $3,726,213.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.00% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTN. Schwab Charles Investment Management Inc. increased its holdings in shares of Gray Television by 32.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 393,627 shares of the company’s stock valued at $5,393,000 after acquiring an additional 96,111 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Gray Television by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 75,994 shares of the company’s stock valued at $1,041,000 after acquiring an additional 535 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Gray Television by 3.2% in the 2nd quarter. Legal & General Group Plc now owns 16,502 shares of the company’s stock valued at $226,000 after acquiring an additional 505 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Gray Television by 4,901.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,452 shares of the company’s stock valued at $102,000 after acquiring an additional 7,303 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in shares of Gray Television by 91.5% in the 2nd quarter. Prudential Financial Inc. now owns 322,780 shares of the company’s stock valued at $4,423,000 after acquiring an additional 154,240 shares during the last quarter. Institutional investors and hedge funds own 67.43% of the company’s stock.

Gray Television (NYSE:GTN) opened at $16.20 on Friday. Gray Television has a 1-year low of $9.95 and a 1-year high of $17.50. The company has a market capitalization of $1,440.00, a PE ratio of 8.90, a PEG ratio of 2.18 and a beta of 3.13. The company has a debt-to-equity ratio of 3.11, a current ratio of 3.28 and a quick ratio of 3.28.

Gray Television (NYSE:GTN) last released its quarterly earnings data on Monday, November 6th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). Gray Television had a net margin of 14.91% and a return on equity of 15.53%. The business had revenue of $219.00 million during the quarter, compared to analysts’ expectations of $218.78 million. During the same quarter in the previous year, the company posted $0.26 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. sell-side analysts forecast that Gray Television will post 1.57 earnings per share for the current year.

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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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