Guggenheim Cuts Gray Television (NYSE:GTN) Price Target to $7.00

Gray Television (NYSE:GTN) had its price objective decreased by Guggenheim from $8.00 to $7.00 in a research note issued to investors on Monday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company upgraded shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective for the company in a research note on Monday, March 3rd. StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Benchmark decreased their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Finally, Barrington Research upgraded Gray Television to a “hold” rating in a research note on Thursday, November 14th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $6.33.

Gray Television Stock Up 6.1 %

GTN stock opened at $4.11 on Monday. The stock has a fifty day moving average of $3.72 and a 200-day moving average of $4.37. Gray Television has a fifty-two week low of $2.91 and a fifty-two week high of $7.41. The company has a market capitalization of $416.83 million, a price-to-earnings ratio of 2.74 and a beta of 1.45. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13.

Gray Television (NYSE:GTN) last issued its earnings results on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.59. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. As a group, equities research analysts predict that Gray Television will post 3.32 earnings per share for the current year.

Gray Television Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.08 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 7.80%. Gray Television’s payout ratio is currently 9.61%.

Insider Activity at Gray Television

In other Gray Television news, Director Richard Lee Boger sold 16,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $3.85, for a total value of $61,600.00. Following the sale, the director now owns 55,347 shares of the company’s stock, valued at $213,085.95. This trade represents a 22.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Capital Management Corp VA raised its holdings in shares of Gray Television by 6.6% during the 4th quarter. Capital Management Corp VA now owns 5,763,336 shares of the company’s stock valued at $18,155,000 after buying an additional 355,067 shares in the last quarter. Miller Value Partners LLC grew its position in Gray Television by 132.1% during the fourth quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company’s stock valued at $10,661,000 after acquiring an additional 1,926,330 shares during the last quarter. State Street Corp raised its stake in shares of Gray Television by 1.9% during the third quarter. State Street Corp now owns 2,009,896 shares of the company’s stock worth $10,773,000 after acquiring an additional 36,541 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Gray Television by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,971,374 shares of the company’s stock worth $10,568,000 after acquiring an additional 57,481 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Gray Television by 52.6% in the 4th quarter. Marshall Wace LLP now owns 1,161,862 shares of the company’s stock worth $3,660,000 after acquiring an additional 400,274 shares during the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.