Zacks Investment Research upgraded shares of Gray Television (NYSE:GTN) from a hold rating to a strong-buy rating in a research note released on Tuesday. Zacks Investment Research currently has $18.00 price target on the stock.

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 several other reports. Noble Financial reaffirmed a buy rating on shares of Gray Television in a report on Wednesday, November 7th. Benchmark lifted their target price on shares of Gray Television from $28.00 to $29.00 and gave the stock a buy rating in a report on Wednesday, November 7th. Wolfe Research initiated coverage on shares of Gray Television in a report on Friday, December 7th. They issued an outperform rating for the company. Finally, ValuEngine cut shares of Gray Television from a buy rating to a hold rating in a report on Sunday, October 28th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Gray Television has an average rating of Buy and a consensus price target of $22.29.

NYSE GTN traded down $0.11 during trading hours on Tuesday, reaching $16.73. 158,540 shares of the company’s stock traded hands, compared to its average volume of 840,366. Gray Television has a 52-week low of $10.70 and a 52-week high of $20.24. The stock has a market cap of $1.46 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 1.25 and a beta of 2.05. The company has a debt-to-equity ratio of 1.64, a current ratio of 6.32 and a quick ratio of 6.32.

Gray Television (NYSE:GTN) last issued its earnings results on Tuesday, November 6th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.09. The business had revenue of $279.00 million during the quarter, compared to analysts’ expectations of $276.52 million. Gray Television had a net margin of 29.12% and a return on equity of 14.95%. The business’s revenue for the quarter was up 27.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.21 earnings per share. Research analysts expect that Gray Television will post 2.3 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of GTN. Vanguard Group Inc grew its stake in shares of Gray Television by 1.5% in the third quarter. Vanguard Group Inc now owns 3,593,080 shares of the company’s stock worth $62,879,000 after acquiring an additional 52,313 shares during the period. Clearbridge Investments LLC grew its stake in shares of Gray Television by 1,088.5% in the third quarter. Clearbridge Investments LLC now owns 2,680,717 shares of the company’s stock worth $46,913,000 after acquiring an additional 2,455,169 shares during the period. Vanguard Group Inc. grew its stake in shares of Gray Television by 1.5% in the third quarter. Vanguard Group Inc. now owns 3,593,080 shares of the company’s stock worth $62,879,000 after acquiring an additional 52,313 shares during the period. Teachers Advisors LLC grew its stake in shares of Gray Television by 1.5% in the third quarter. Teachers Advisors LLC now owns 262,244 shares of the company’s stock worth $4,589,000 after acquiring an additional 3,972 shares during the period. Finally, Neuberger Berman Group LLC grew its stake in shares of Gray Television by 1.2% in the third quarter. Neuberger Berman Group LLC now owns 4,931,433 shares of the company’s stock worth $86,300,000 after acquiring an additional 58,415 shares during the period. 86.47% of the stock is owned by institutional investors and hedge funds.

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 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.

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