Gray Television, Inc. (GTN) Earns Buy Rating from Benchmark Co.
“We are increasing our revenue estimate by $20 million, mostly due to higher political and retrans, somewhat offset by a reduction in our core forecast due to a larger crowding out effect. We note that numbers will likely continue to rise as appropriate base numbers are factored in, and we wouldn’t be surprised to see even further upside to our own revised political and retrans forecasts. We would further note that, despite the hedging on the call by management, we still fully expect net retrans will grow through 2019, effectively eliminating the largest remaining risk to the story outside of a massive advertising pullback.”,” the firm’s analyst wrote.
A number of other analysts have also recently commented on GTN. Royal Bank of Canada set a $16.00 price target on shares of Gray Television and gave the company a buy rating in a research note on Tuesday, July 18th. BidaskClub upgraded shares of Gray Television from a buy rating to a strong-buy rating in a research note on Monday, July 31st. Wells Fargo & Company restated an outperform rating and set a $18.00 price target (up from $15.50) on shares of Gray Television in a research note on Thursday, August 10th. ValuEngine upgraded shares of Gray Television from a buy rating to a strong-buy rating in a research note on Friday, September 1st. Finally, Zacks Investment Research cut shares of Gray Television from a buy rating to a hold rating in a research note on Wednesday, September 20th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $18.50.
Shares of Gray Television (GTN) traded up $0.05 during mid-day trading on Tuesday, hitting $15.40. 860,300 shares of the company were exchanged, compared to its average volume of 908,061. The stock has a market cap of $1,114.43, a PE ratio of 13.47, a P/E/G ratio of 1.45 and a beta of 3.22. The company has a quick ratio of 3.32, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. Gray Television has a 12 month low of $8.45 and a 12 month high of $16.70.
Gray Television (NYSE:GTN) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). The business had revenue of $219.00 million for the quarter, compared to analysts’ expectations of $218.78 million. Gray Television had a net margin of 14.91% and a return on equity of 15.53%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. sell-side analysts anticipate that Gray Television will post 1.63 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Parametric Portfolio Associates LLC lifted its stake in Gray Television by 1.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 31,340 shares of the company’s stock worth $429,000 after purchasing an additional 399 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Gray Television by 0.8% in the 2nd quarter. Sterling Capital Management LLC now owns 58,513 shares of the company’s stock worth $802,000 after purchasing an additional 440 shares in the last quarter. Legal & General Group Plc raised its position in shares of Gray Television by 3.2% during the 2nd quarter. Legal & General Group Plc now owns 16,502 shares of the company’s stock valued at $226,000 after buying an additional 505 shares in the last quarter. Rhumbline Advisers raised its position in shares of Gray Television by 0.7% during the 2nd quarter. Rhumbline Advisers now owns 75,994 shares of the company’s stock valued at $1,041,000 after buying an additional 535 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of Gray Television by 0.4% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 373,754 shares of the company’s stock valued at $5,120,000 after buying an additional 1,623 shares in the last quarter. Institutional investors and hedge funds own 81.48% 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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