Gray Television (NYSE:GTN) Downgraded by Zacks Investment Research to “Hold”

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Zacks Investment Research downgraded shares of Gray Television (NYSE:GTN) from a buy rating to a hold rating in a research note released on Wednesday 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 subject of a number of other research reports. Benchmark reiterated a buy rating on shares of Gray Television in a report on Thursday, May 9th. TheStreet downgraded TIM Participacoes from a b rating to a c+ rating in a research note on Tuesday, June 4th. Barrington Research set a $22.00 price target on The Hackett Group and gave the company a buy rating in a report on Wednesday, May 8th. Finally, ValuEngine raised Zogenix from a buy rating to a strong-buy rating in a research report on Thursday, June 27th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Gray Television has a consensus rating of Buy and a consensus target price of $24.80.

Gray Television stock opened at $18.53 on Wednesday. The firm has a market capitalization of $1.86 billion, a PE ratio of 7.63, a PEG ratio of 2.02 and a beta of 1.99. Gray Television has a twelve month low of $13.75 and a twelve month high of $25.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.51 and a quick ratio of 2.51. The firm has a 50 day moving average of $16.95.

Gray Television (NYSE:GTN) last issued 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. Gray Television had a net margin of 12.56% and a return on equity of 20.34%. The company had revenue of $518.00 million during the quarter, compared to the consensus estimate of $498.41 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The firm’s revenue was up 129.2% compared to the same quarter last year. On average, equities research analysts forecast that Gray Television will post 0.91 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Retirement Systems of Alabama bought a new stake in shares of Gray Television in the first quarter worth $152,227,000. BlackRock Inc. increased its stake in Gray Television by 14.2% in the 4th quarter. BlackRock Inc. now owns 6,108,456 shares of the company’s stock valued at $90,040,000 after buying an additional 758,058 shares during the last quarter. FMR LLC increased its stake in Gray Television by 135.5% in the 4th quarter. FMR LLC now owns 5,862,909 shares of the company’s stock valued at $86,420,000 after buying an additional 3,373,876 shares during the last quarter. Millennium Management LLC increased its stake in Gray Television by 63.8% in the 4th quarter. Millennium Management LLC now owns 1,267,080 shares of the company’s stock valued at $18,677,000 after buying an additional 493,675 shares during the last quarter. Finally, Copper Rock Capital Partners LLC bought a new stake in Gray Television during the 2nd quarter worth about $19,850,000. 83.89% of the stock is owned by institutional investors.

Gray Television Company Profile

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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