Guggenheim Has Lowered Expectations for Gray Television (NYSE:GTN) Stock Price

Gray Television (NYSE:GTN) had its price target reduced by analysts at Guggenheim from $10.00 to $8.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 82.03% from the company’s current price.

GTN has been the subject of several other research reports. StockNews.com upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research note on Monday. Wells Fargo & Company lowered their target price on Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research note on Friday, August 9th. Finally, Benchmark reduced their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.67.

Gray Television Price Performance

GTN stock opened at $4.40 on Tuesday. The business’s fifty day moving average price is $5.26 and its 200 day moving average price is $5.43. Gray Television has a 12-month low of $3.95 and a 12-month high of $10.07. The company has a current ratio of 1.13, a quick ratio of 1.63 and a debt-to-equity ratio of 2.76. The company has a market capitalization of $438.04 million, a PE ratio of 2.93, a P/E/G ratio of 0.10 and a beta of 1.47.

Gray Television (NYSE:GTN) last released its earnings results on Friday, November 8th. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.08). The firm had revenue of $950.00 million during the quarter, compared to analyst estimates of $967.49 million. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.57) earnings per share. On average, sell-side analysts anticipate that Gray Television will post 4.37 EPS for the current year.

Hedge Funds Weigh In On Gray Television

Large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its position in shares of Gray Television by 3.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 91,405 shares of the company’s stock worth $578,000 after acquiring an additional 3,068 shares in the last quarter. Diversified Trust Co boosted its holdings in Gray Television by 13.7% in the second quarter. Diversified Trust Co now owns 25,633 shares of the company’s stock valued at $133,000 after purchasing an additional 3,097 shares in the last quarter. Rhumbline Advisers increased its stake in Gray Television by 2.6% in the second quarter. Rhumbline Advisers now owns 139,642 shares of the company’s stock valued at $726,000 after purchasing an additional 3,544 shares during the last quarter. Dakota Wealth Management raised its holdings in Gray Television by 34.5% during the second quarter. Dakota Wealth Management now owns 14,753 shares of the company’s stock worth $77,000 after purchasing an additional 3,781 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Gray Television during the 1st quarter worth approximately $25,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.