Gray Television (NYSE:GTN) Shares Gap Up to $5.71

Gray Television, Inc. (NYSE:GTNGet Free Report) gapped up prior to trading on Monday . The stock had previously closed at $5.71, but opened at $5.88. Gray Television shares last traded at $5.96, with a volume of 103,518 shares changing hands.

Analysts Set New Price Targets

GTN has been the topic of a number of research analyst reports. StockNews.com upgraded Gray Television to a “sell” rating in a research note on Thursday, December 14th. Barrington Research restated a “market perform” rating on shares of Gray Television in a report on Tuesday, February 27th. Finally, Wells Fargo & Company increased their price target on Gray Television from $6.00 to $7.00 and gave the stock an “underweight” rating in a report on Friday, February 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $12.80.

Check Out Our Latest Stock Report on Gray Television

Gray Television Price Performance

The company’s 50 day moving average is $7.42 and its two-hundred day moving average is $7.57. The company has a debt-to-equity ratio of 3.12, a quick ratio of 1.18 and a current ratio of 1.18.

Gray Television (NYSE:GTNGet Free Report) last released its quarterly earnings data on Friday, February 23rd. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). Gray Television had a negative return on equity of 3.76% and a negative net margin of 2.32%. The firm had revenue of $864.00 million for the quarter, compared to analysts’ expectations of $863.31 million. During the same quarter in the previous year, the business earned $1.88 earnings per share. The company’s revenue for the quarter was down 19.4% compared to the same quarter last year. As a group, research analysts predict that Gray Television, Inc. will post 3.78 EPS for the current year.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.32%. The ex-dividend date of this dividend is Thursday, March 14th. Gray Television’s dividend payout ratio (DPR) is presently -23.02%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Captrust Financial Advisors lifted its position in shares of Gray Television by 219.5% during the 2nd quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock valued at $26,000 after buying an additional 1,069 shares in the last quarter. CWM LLC raised its holdings in Gray Television by 61.5% in the 4th quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after buying an additional 1,149 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Gray Television during the 3rd quarter worth approximately $41,000. Quarry LP boosted its position in shares of Gray Television by 460.6% during the first quarter. Quarry LP now owns 5,432 shares of the company’s stock worth $47,000 after buying an additional 4,463 shares during the period. Finally, Comerica Bank purchased a new stake in Gray Television during the third quarter worth about $68,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

About Gray Television

(Get Free Report)

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.

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