Gray Television Sees Unusually Large Options Volume (NYSE:GTN)

Gray Television, Inc. (NYSE:GTN) was the target of some unusual options trading activity on Tuesday. Investors acquired 3,011 put options on the company. This is an increase of approximately 3,283% compared to the average daily volume of 89 put options.

Shares of Gray Television (NYSE GTN) opened at $14.60 on Tuesday. Gray Television has a 52-week low of $9.95 and a 52-week high of $16.70. The stock has a market cap of $1,063.60, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.40 and a beta of 3.14. The company has a debt-to-equity ratio of 3.11, a current ratio of 3.28 and a quick ratio of 3.28.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.01). Gray Television had a return on equity of 15.53% and a net margin of 14.91%. The business had revenue of $219.00 million during the quarter, compared to analysts’ expectations of $218.78 million. During the same period in the previous year, the company posted $0.26 EPS. Gray Television’s revenue for the quarter was up 7.1% on a year-over-year basis. equities research analysts anticipate that Gray Television will post 1.61 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP grew its holdings in shares of Gray Television by 100.2% in the third quarter. GSA Capital Partners LLP now owns 157,082 shares of the company’s stock valued at $2,466,000 after purchasing an additional 78,629 shares in the last quarter. Delphi Management Inc. MA purchased a new position in Gray Television in the third quarter worth approximately $550,000. Dana Investment Advisors Inc. purchased a new position in Gray Television in the third quarter worth approximately $2,276,000. California Public Employees Retirement System raised its position in Gray Television by 2.2% in the 3rd quarter. California Public Employees Retirement System now owns 153,139 shares of the company’s stock valued at $2,404,000 after purchasing an additional 3,339 shares during the last quarter. Finally, Granahan Investment Management Inc. MA purchased a new stake in Gray Television in the 3rd quarter valued at $427,000. Hedge funds and other institutional investors own 83.57% of the company’s stock.

Several equities research analysts recently weighed in on GTN shares. Royal Bank of Canada reissued a “buy” rating and set a $17.00 price target on shares of Gray Television in a research report on Wednesday, September 27th. ValuEngine downgraded shares of Gray Television from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 30th. Zacks Investment Research raised shares of Gray Television from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Thursday, September 21st. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Gray Television in a research report on Tuesday, November 7th. Finally, Guggenheim began coverage on shares of Gray Television in a research note on Wednesday, October 18th. They set a “buy” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $18.50.

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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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