Gray Television, Inc. (NYSE:GTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $16.00 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.22% from the stock’s current price.

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. “

Several other analysts also recently weighed in on GTN. ValuEngine upgraded shares of Gray Television from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Wells Fargo & Company reiterated an “outperform” rating and issued a $18.00 price objective (up from $15.50) on shares of Gray Television in a research report on Thursday, August 10th. Benchmark Co. lifted their price objective on shares of Gray Television from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Royal Bank Of Canada boosted their price target on shares of Gray Television from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 9th. Finally, BidaskClub upgraded shares of Gray Television from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $17.80.

Shares of Gray Television (NYSE GTN) traded down 1.02% on Thursday, hitting $14.50. 463,813 shares of the stock were exchanged. The firm’s 50 day moving average price is $14.18 and its 200 day moving average price is $13.88. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 9.02 and a beta of 3.29. Gray Television has a one year low of $7.00 and a one year high of $15.45.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The firm had revenue of $226.70 million for the quarter, compared to the consensus estimate of $221.05 million. Gray Television had a net margin of 13.38% and a return on equity of 17.32%. Gray Television’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted $0.24 EPS. Equities analysts anticipate that Gray Television will post $1.61 earnings per share for the current year.

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Several hedge funds have recently added to or reduced their stakes in GTN. BNP Paribas Arbitrage SA raised its position in shares of Gray Television by 4,901.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,452 shares of the company’s stock worth $102,000 after buying an additional 7,303 shares in the last quarter. LSV Asset Management bought a new stake in shares of Gray Television during the 2nd quarter worth about $153,000. Clinton Group Inc. bought a new stake in shares of Gray Television during the 1st quarter worth about $176,000. Pacad Investment Ltd. raised its position in shares of Gray Television by 24.3% during the 2nd quarter. Pacad Investment Ltd. now owns 13,800 shares of the company’s stock worth $189,000 after buying an additional 2,700 shares in the last quarter. Finally, 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 worth $226,000 after buying an additional 505 shares in the last quarter. Institutional investors own 89.46% of the company’s stock.

About Gray Television

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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