Gray Television (NYSE:GTN) Price Target Increased to $13.00 by Analysts at Benchmark

Gray Television (NYSE:GTN) had its price objective upped by Benchmark from $11.00 to $13.00 in a research note issued to investors on Wednesday, Benzinga reports. Benchmark currently has a buy rating on the stock.

GTN has been the subject of several other reports. Barrington Research reissued a market perform rating on shares of Gray Television in a report on Tuesday, February 27th. Wells Fargo & Company lifted their price target on shares of Gray Television from $5.50 to $6.00 and gave the company an underweight rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $11.40.

Gray Television Stock Performance

NYSE GTN traded up $0.38 during midday trading on Wednesday, hitting $7.13. The company had a trading volume of 1,438,871 shares, compared to its average volume of 1,135,551. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.12. The stock has a market cap of $692.58 million, a price-to-earnings ratio of -5.04, a P/E/G ratio of 0.15 and a beta of 1.55. The firm has a fifty day simple moving average of $5.94 and a two-hundred day simple moving average of $7.39. Gray Television has a fifty-two week low of $5.44 and a fifty-two week high of $10.69.

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

Gray Television Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date was Thursday, March 14th. Gray Television’s dividend payout ratio is currently -23.02%.

Insider Activity at Gray Television

In related news, CEO Hilton H. Howell, Jr. purchased 10,000 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were purchased at an average price of $8.09 per share, with a total value of $80,900.00. Following the completion of the purchase, the chief executive officer now owns 2,982,386 shares in the company, valued at approximately $24,127,502.74. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 13.83% of the company’s stock.

Institutional Investors Weigh In On Gray Television

A number of institutional investors and hedge funds have recently modified their holdings of the company. CWM LLC raised its holdings in Gray Television by 61.5% in the 4th quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after acquiring an additional 1,149 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Gray Television in the 1st quarter valued at about $25,000. DekaBank Deutsche Girozentrale bought a new position in Gray Television in the 3rd quarter valued at about $41,000. Sonora Investment Management Group LLC bought a new position in Gray Television in the 3rd quarter valued at about $73,000. Finally, Entropy Technologies LP acquired a new position in shares of Gray Television during the 1st quarter worth approximately $73,000. 78.64% of the stock is 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.