Gray Television (NYSE:GTN) Price Target Lowered to $15.00 at Guggenheim

Gray Television (NYSE:GTN – Get Rating) had its target price cut by Guggenheim from $16.00 to $15.00 in a research note published on Tuesday morning, The Fly reports.

GTN has been the subject of several other reports. StockNews.com began coverage on shares of Gray Television in a research report on Thursday, March 16th. They issued a sell rating for the company. Benchmark upped their price target on shares of Gray Television from $18.00 to $19.00 and gave the company a buy rating in a research report on Monday, February 27th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $13.00.

Gray Television Stock Performance

Shares of Gray Television stock opened at $7.13 on Tuesday. The company has a 50 day moving average of $8.62 and a 200-day moving average of $10.70. Gray Television has a 1-year low of $6.50 and a 1-year high of $20.83. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 3.04. The company has a market cap of $661.88 million, a PE ratio of 2.13 and a beta of 1.55.

Gray Television (NYSE:GTN – Get Rating) last issued its quarterly earnings results on Friday, May 5th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). The firm had revenue of $801.00 million for the quarter, compared to the consensus estimate of $788.22 million. Gray Television had a return on equity of 18.45% and a net margin of 9.92%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the company posted $0.52 EPS. As a group, equities research analysts forecast that Gray Television will post -0.03 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend is Wednesday, June 14th. Gray Television’s dividend payout ratio (DPR) is presently 9.58%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GTN. Quadrant Capital Group LLC lifted its stake in shares of Gray Television by 4,829.8% in the fourth quarter. Quadrant Capital Group LLC now owns 2,317 shares of the company’s stock valued at $26,000 after buying an additional 2,270 shares in the last quarter. Captrust Financial Advisors increased its holdings in Gray Television by 219.5% during the second quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock worth $26,000 after buying an additional 1,069 shares during the last quarter. Lindbrook Capital LLC increased its holdings in Gray Television by 21.7% during the fourth quarter. Lindbrook Capital LLC now owns 6,477 shares of the company’s stock worth $72,000 after buying an additional 1,156 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Gray Television during the first quarter worth about $73,000. Finally, Watershed Asset Management L.L.C. purchased a new stake in Gray Television during the third quarter worth about $77,000. 81.33% of the stock is owned by institutional investors.

About Gray Television

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Gray Television, Inc is a television broadcasting company, which engages in owning and operating television stations and digital assets in markets throughout the United States. It operates through the following segments: Broadcasting, and Production Companies. The Broadcasting segment operates television stations located across local markets in the United States.