Gray Television (NYSE:GTN) Price Target Raised to $13.00

Gray Television (NYSE:GTN) had its target price lifted by analysts at Benchmark from $11.00 to $13.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price target indicates a potential upside of 95.20% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Wells Fargo & Company upped their price objective on Gray Television from $5.50 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday. Barrington Research reaffirmed a “market perform” rating on shares of Gray Television in a research report on Tuesday, February 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.40.

Gray Television Stock Down 0.6 %

Shares of NYSE:GTN traded down $0.04 during mid-day trading on Wednesday, hitting $6.66. 610,602 shares of the company traded hands, compared to its average volume of 1,125,017. The stock has a market cap of $647.35 million, a P/E ratio of -4.79, a P/E/G ratio of 0.15 and a beta of 1.55. The stock has a 50-day moving average price of $5.91 and a two-hundred day moving average price of $7.39. Gray Television has a 12-month low of $5.44 and a 12-month high of $10.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.12.

Gray Television (NYSE:GTN) last announced its earnings results on Tuesday, May 7th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.54 by $0.25. Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The company had revenue of $823.00 million during the quarter, compared to the consensus estimate of $824.98 million. During the same quarter in the prior year, the company posted ($0.48) earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities research analysts forecast that Gray Television will post 4.21 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Hilton H. Howell, Jr. purchased 10,000 shares of the stock in a transaction dated Thursday, March 28th. The shares were purchased at an average cost of $8.09 per share, with a total value of $80,900.00. Following the completion of the acquisition, the chief executive officer now owns 2,982,386 shares in the company, valued at approximately $24,127,502.74. The transaction was disclosed in a document filed with the SEC, which is available at this link. 13.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Gray Television

A number of institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Gray Television during the first quarter worth approximately $25,000. CWM LLC boosted its position in Gray Television by 61.5% during the 4th quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after buying an additional 1,149 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in Gray Television in the 3rd quarter worth $41,000. Sonora Investment Management Group LLC purchased a new position in shares of Gray Television in the third quarter valued at about $73,000. Finally, Envestnet Portfolio Solutions Inc. bought a new position in shares of Gray Television during the third quarter valued at about $85,000. 78.64% of the stock is currently owned by institutional investors.

Gray Television Company Profile

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.