Zacks Investment Research Downgrades Gray Television (NYSE:GTN) to Hold

Zacks Investment Research cut shares of Gray Television (NYSE:GTN) from a buy rating to a hold rating in a research note released on Wednesday, 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. “

A number of other equities research analysts have also recently weighed in on GTN. ValuEngine raised Zogenix from a buy rating to a strong-buy rating in a report on Thursday, June 27th. TheStreet downgraded TIM Participacoes from a b rating to a c+ rating in a research report on Tuesday, June 4th. Benchmark reissued a buy rating on shares of Gray Television in a research note on Thursday, May 9th. Finally, Barrington Research set a $22.00 target price on The Hackett Group and gave the stock a buy rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $24.80.

NYSE:GTN opened at $18.53 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.51 and a current ratio of 2.51. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 7.63, a PEG ratio of 2.02 and a beta of 1.99. Gray Television has a 12 month low of $13.75 and a 12 month high of $25.31. The company has a 50-day moving average price of $16.95.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.31) earnings per share 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 analyst estimates of $498.41 million. During the same quarter last year, the business posted $0.22 earnings per share. The company’s revenue was up 129.2% on a year-over-year basis. Analysts expect that Gray Television will post 0.91 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in GTN. Calamos Advisors LLC increased its holdings in shares of Gray Television by 1.4% in the first quarter. Calamos Advisors LLC now owns 36,500 shares of the company’s stock valued at $780,000 after purchasing an additional 500 shares in the last quarter. Rhumbline Advisers boosted its position in Gray Television by 0.5% in the 1st quarter. Rhumbline Advisers now owns 116,114 shares of the company’s stock valued at $2,480,000 after buying an additional 550 shares during the last quarter. Global Retirement Partners LLC boosted its position in Gray Television by 342.4% in the 4th quarter. Global Retirement Partners LLC now owns 1,783 shares of the company’s stock valued at $26,000 after buying an additional 1,380 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in shares of Gray Television in the 1st quarter valued at $35,000. Finally, Legal & General Group Plc increased its stake in shares of Gray Television by 15.8% in the 4th quarter. Legal & General Group Plc now owns 14,608 shares of the company’s stock valued at $216,000 after buying an additional 1,998 shares during the period. 83.89% of the stock is owned by institutional investors.

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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