ValuEngine Upgrades Gray Television, Inc. (GTN) to Strong-Buy

Gray Television, Inc. (NYSE:GTN) was upgraded by research analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a report issued on Thursday.

Several other equities research analysts have also recently weighed in on the stock. Royal Bank Of Canada set a $16.00 target price on shares of Gray Television and gave the company a “buy” rating in a research note on Tuesday, July 18th. BidaskClub cut shares of Gray Television from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 6th. Benchmark Co. increased their target price on shares of Gray Television from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research cut shares of Gray Television from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Wells Fargo & Company restated an “outperform” rating and set a $18.00 price target (up previously from $15.50) on shares of Gray Television in a research note on Thursday, August 10th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $17.80.

Shares of Gray Television (NYSE:GTN) opened at 14.60 on Thursday. The company has a 50-day moving average price of $14.18 and a 200 day moving average price of $13.88. Gray Television has a one year low of $7.00 and a one year high of $15.45. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 9.08 and a beta of 3.29.

Gray Television (NYSE:GTN) last released its earnings results on Tuesday, August 8th. The company reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. Gray Television had a net margin of 13.38% and a return on equity of 17.32%. The business had revenue of $226.70 million during the quarter, compared to analysts’ expectations of $221.05 million. During the same quarter last year, the company earned $0.24 earnings per share. The firm’s revenue was up 15.3% on a year-over-year basis. On average, analysts forecast that Gray Television will post $1.61 EPS for the current fiscal year.

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A number of institutional investors and hedge funds have recently made changes to their positions in GTN. FMR LLC lifted its stake in Gray Television by 52.1% during the second quarter. FMR LLC now owns 5,870,039 shares of the company’s stock worth $80,419,000 after purchasing an additional 2,011,342 shares during the period. Royal Bank of Canada lifted its stake in Gray Television by 221.6% during the second quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock worth $36,828,000 after purchasing an additional 1,852,301 shares during the period. Neuberger Berman Group LLC lifted its stake in Gray Television by 13.3% during the first quarter. Neuberger Berman Group LLC now owns 5,794,462 shares of the company’s stock worth $84,020,000 after purchasing an additional 678,295 shares during the period. Thrivent Financial For Lutherans bought a new position in Gray Television during the second quarter worth about $6,612,000. Finally, JPMorgan Chase & Co. lifted its stake in Gray Television by 269.6% during the second quarter. JPMorgan Chase & Co. now owns 461,610 shares of the company’s stock worth $6,323,000 after purchasing an additional 336,726 shares during the period. Hedge funds and other institutional investors own 89.46% of the company’s stock.

Gray Television Company Profile

Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).

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