Gray Television, Inc. (NYSE:GTN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.

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 commented on the stock. Benchmark Co. reissued a “buy” rating and issued a $21.00 price objective on shares of Gray Television in a research note on Tuesday. Guggenheim began coverage on shares of Gray Television in a research note on Wednesday, October 18th. They issued a “buy” rating and a $20.00 price objective on the stock. Royal Bank Of Canada reissued a “buy” rating and issued a $17.00 price objective on shares of Gray Television in a research note on Wednesday, September 27th. ValuEngine raised shares of Gray Television from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 21st. Finally, Wells Fargo & Company reissued an “outperform” rating and issued a $18.00 price objective (up from $15.50) on shares of Gray Television in a research note on Thursday, August 10th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $18.50.

Gray Television (NYSE GTN) opened at $15.40 on Thursday. The company has a debt-to-equity ratio of 3.11, a quick ratio of 3.32 and a current ratio of 3.28. Gray Television has a 12 month low of $8.45 and a 12 month high of $16.70. The firm has a market cap of $1,120.00, a price-to-earnings ratio of 13.16, a PEG ratio of 1.42 and a beta of 3.22.

Gray Television (NYSE:GTN) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $218.78 million. Gray Television had a net margin of 14.91% and a return on equity of 15.53%. Gray Television’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 earnings per share. research analysts predict that Gray Television will post 1.63 earnings per share for the current year.

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Large investors have recently added to or reduced their stakes in the business. Skylands Capital LLC purchased a new position in Gray Television in the 2nd quarter valued at about $521,000. FMR LLC lifted its holdings in Gray Television by 52.1% in the 2nd quarter. FMR LLC now owns 5,870,039 shares of the company’s stock valued at $80,419,000 after purchasing an additional 2,011,342 shares in the last quarter. OppenheimerFunds Inc. purchased a new position in Gray Television in the 1st quarter valued at about $284,000. Bank of Montreal Can lifted its holdings in Gray Television by 31,815.6% in the 2nd quarter. Bank of Montreal Can now owns 120,322 shares of the company’s stock valued at $1,648,000 after purchasing an additional 119,945 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Gray Television by 3.7% in the 1st quarter. Legal & General Group Plc now owns 15,997 shares of the company’s stock valued at $230,000 after purchasing an additional 565 shares in the last quarter. Institutional investors 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).

Analyst Recommendations for Gray Television (NYSE:GTN)

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