Gray Television (GTN) Upgraded to Buy at Zacks Investment Research

Gray Television (NYSE:GTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $22.00 price objective on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.90% from the stock’s current price.

According to Zacks, “Gray Television is a communications company headquartered in Atlanta, Georgia, and currently operates 15 CBS-affiliated television stations, seven NBC-affiliated television stations, seven ABC-affiliated television stations and four daily newspapers. “

Several other equities research analysts have also recently weighed in on GTN. Barrington Research reaffirmed an “outperform” rating on shares of Gray Television in a research report on Monday, July 16th. Noble Financial set a $23.00 price objective on shares of Gray Television and gave the stock a “buy” rating in a research report on Wednesday, August 8th. ValuEngine raised shares of Gray Television from a “hold” rating to a “buy” rating in a research report on Monday, October 22nd. Finally, Benchmark upped their price objective on shares of Gray Television from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Gray Television has a consensus rating of “Buy” and a consensus price target of $22.25.

GTN traded down $0.25 on Friday, hitting $19.66. 1,090,504 shares of the stock were exchanged, compared to its average volume of 1,026,861. Gray Television has a 12 month low of $10.70 and a 12 month high of $20.24. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 0.92 and a beta of 2.23.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Tuesday, November 6th. The company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.09. Gray Television had a net margin of 29.12% and a return on equity of 15.28%. The business had revenue of $279.00 million during the quarter, compared to analysts’ expectations of $276.52 million. During the same quarter in the prior year, the business posted $0.21 earnings per share. Gray Television’s revenue was up 27.4% compared to the same quarter last year. Sell-side analysts anticipate that Gray Television will post 2.01 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of GTN. UBS Group AG lifted its holdings in shares of Gray Television by 1,342.0% in the first quarter. UBS Group AG now owns 37,909 shares of the company’s stock worth $481,000 after acquiring an additional 35,280 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Gray Television by 21.8% in the first quarter. The Manufacturers Life Insurance Company now owns 59,849 shares of the company’s stock worth $760,000 after acquiring an additional 10,723 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Gray Television by 21.3% in the first quarter. California State Teachers Retirement System now owns 122,481 shares of the company’s stock worth $1,556,000 after acquiring an additional 21,545 shares during the last quarter. Guggenheim Capital LLC lifted its holdings in shares of Gray Television by 1,403.0% in the first quarter. Guggenheim Capital LLC now owns 151,335 shares of the company’s stock worth $1,921,000 after acquiring an additional 141,266 shares during the last quarter. Finally, Xact Kapitalforvaltning AB bought a new position in shares of Gray Television in the first quarter worth about $187,000. 88.60% of the stock is owned by hedge funds and other institutional investors.

Gray Television Company Profile

Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.

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