Gray Television (NYSE:GTN) Price Target Lowered to $8.00 at Benchmark

Gray Television (NYSE:GTN) had its target price decreased by Benchmark from $11.00 to $8.00 in a report published on Monday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other brokerages also recently commented on GTN. Guggenheim dropped their target price on Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Wells Fargo & Company dropped their target price on Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.33.

Gray Television Stock Up 5.3 %

Shares of NYSE:GTN opened at $4.51 on Monday. The stock’s 50-day moving average price is $5.29 and its two-hundred day moving average price is $5.45. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98. Gray Television has a 12-month low of $3.95 and a 12-month high of $10.07. The firm has a market cap of $449.01 million, a price-to-earnings ratio of 3.00, a PEG ratio of 0.10 and a beta of 1.47.

Gray Television (NYSE:GTN) last released its quarterly earnings data 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 1.84% and a return on equity of 3.02%. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.57) earnings per share. On average, research analysts forecast that Gray Television will post 4.37 EPS for the current year.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 7.10%. Gray Television’s dividend payout ratio is currently 21.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new position in Gray Television during the 1st quarter valued at approximately $25,000. nVerses Capital LLC acquired a new position in Gray Television during the 2nd quarter worth $27,000. CWM LLC boosted its position in Gray Television by 733.1% during the 2nd quarter. CWM LLC now owns 7,448 shares of the company’s stock worth $39,000 after acquiring an additional 6,554 shares during the period. Creative Planning acquired a new position in Gray Television during the 3rd quarter worth $56,000. Finally, HBK Sorce Advisory LLC acquired a new position in Gray Television during the 2nd quarter worth $58,000. Institutional investors and hedge funds 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.