Gray Television’s (GTN) “Buy” Rating Reiterated at Royal Bank Of Canada
Royal Bank Of Canada reaffirmed their buy rating on shares of Gray Television, Inc. (NYSE:GTN) in a report released on Wednesday morning. Royal Bank Of Canada currently has a $17.00 target price on the stock.
GTN has been the topic of several other reports. Zacks Investment Research upgraded Gray Television from a hold rating to a buy rating and set a $16.00 price target on the stock in a report on Thursday, September 21st. BidaskClub upgraded Gray Television from a buy rating to a strong-buy rating in a report on Monday, July 31st. Wells Fargo & Company reiterated an outperform rating and issued a $18.00 price target (up from $15.50) on shares of Gray Television in a report on Thursday, August 10th. Benchmark Co. increased their price target on Gray Television from $19.00 to $20.00 and gave the stock a buy rating in a report on Wednesday, August 9th. Finally, ValuEngine upgraded Gray Television from a buy rating to a strong-buy rating in a report on Thursday, September 21st. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average target price of $17.80.
Shares of Gray Television (NYSE GTN) traded up 2.61% during midday trading on Wednesday, hitting $15.70. The stock had a trading volume of 935,938 shares. Gray Television has a 52-week low of $7.00 and a 52-week high of $15.75. The company has a market cap of $1.12 billion, a PE ratio of 9.76 and a beta of 3.29. The company’s 50 day moving average is $14.18 and its 200 day moving average is $13.88.
Gray Television (NYSE:GTN) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.03. Gray Television had a return on equity of 17.32% and a net margin of 13.38%. The firm had revenue of $226.70 million for the quarter, compared to the consensus estimate of $221.05 million. During the same period in the prior year, the business posted $0.24 earnings per share. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, analysts anticipate that Gray Television will post $1.61 earnings per share for the current year.
Large investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA grew its stake in Gray Television by 4,901.3% in the second quarter. BNP Paribas Arbitrage SA now owns 7,452 shares of the company’s stock worth $102,000 after purchasing an additional 7,303 shares in the last quarter. LSV Asset Management bought a new stake in Gray Television during the 2nd quarter valued at $153,000. Clinton Group Inc. bought a new stake in Gray Television during the 1st quarter valued at $176,000. Pacad Investment Ltd. boosted its position in Gray Television by 24.3% during the 2nd quarter. Pacad Investment Ltd. now owns 13,800 shares of the company’s stock valued at $189,000 after acquiring an additional 2,700 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in 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 acquiring an additional 505 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors.
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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