Gray Television (NYSE:GTN) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Gray Television (NYSE:GTN) from a sell rating to a hold rating in a report released on Friday morning, Zacks.com reports.

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. “

GTN has been the topic of several other research reports. Barrington Research reaffirmed a buy rating on shares of Gray Television in a research note on Wednesday, May 8th. Benchmark reaffirmed a buy rating on shares of Gray Television in a research note on Thursday, May 9th. ValuEngine cut shares of Gray Television from a hold rating to a sell rating in a research note on Thursday. Finally, TheStreet cut shares of Gray Television from a b- rating to a c+ rating in a research note on Tuesday, June 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $24.80.

Shares of GTN traded down $0.56 during mid-day trading on Friday, hitting $17.08. The company’s stock had a trading volume of 1,072,400 shares, compared to its average volume of 835,027. The company has a 50-day moving average of $17.21. The company has a market cap of $1.73 billion, a PE ratio of 7.03, a price-to-earnings-growth ratio of 1.95 and a beta of 1.98. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.51 and a quick ratio of 2.51. Gray Television has a fifty-two week low of $13.75 and a fifty-two week high of $25.31.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.44) by $0.13. The company had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $498.41 million. Gray Television had a net margin of 12.56% and a return on equity of 20.34%. The business’s revenue was up 129.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS. Equities research analysts forecast that Gray Television will post 0.91 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Retirement Systems of Alabama purchased a new position in shares of Gray Television in the first quarter worth approximately $152,227,000. FMR LLC increased its position in shares of Gray Television by 135.5% in the fourth quarter. FMR LLC now owns 5,862,909 shares of the company’s stock worth $86,420,000 after acquiring an additional 3,373,876 shares in the last quarter. Copper Rock Capital Partners LLC purchased a new position in shares of Gray Television in the second quarter worth approximately $19,850,000. Geode Capital Management LLC increased its position in shares of Gray Television by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 816,143 shares of the company’s stock worth $12,029,000 after acquiring an additional 52,552 shares in the last quarter. Finally, Hillcrest Asset Management LLC increased its position in shares of Gray Television by 35.7% in the first quarter. Hillcrest Asset Management LLC now owns 737,694 shares of the company’s stock worth $15,757,000 after acquiring an additional 194,255 shares in the last quarter. 85.05% of the stock is currently owned by institutional investors and hedge funds.

About Gray Television

Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 28, 2019, it owned and operated television stations in 91 television markets broadcasting approximately 400 program streams, including approximately 150 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.

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