Gray Television (NYSE:GTN) Given New $4.50 Price Target at Wells Fargo & Company

Gray Television (NYSE:GTN) had its target price lifted by investment analysts at Wells Fargo & Company from $4.00 to $4.50 in a research note issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential downside of 3.74% from the company’s current price.

Several other equities analysts have also recently issued reports on GTN. Guggenheim lowered their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Benchmark lowered their price objective on Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Gray Television currently has a consensus rating of “Hold” and an average target price of $6.17.

Gray Television Trading Up 10.5%

Shares of NYSE GTN traded up $0.45 during trading hours on Monday, hitting $4.68. The company’s stock had a trading volume of 1,211,392 shares, compared to its average volume of 1,446,557. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market cap of $474.71 million, a price-to-earnings ratio of 3.12 and a beta of 1.15. Gray Television has a 12 month low of $2.91 and a 12 month high of $7.28. The business has a 50-day simple moving average of $3.89 and a 200-day simple moving average of $3.97.

Gray Television (NYSE:GTN) last posted its earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.26. The company had revenue of $782.00 million for the quarter, compared to analysts’ expectations of $772.71 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. Gray Television’s quarterly revenue was down 5.0% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share. On average, analysts anticipate that Gray Television will post 3.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Gray Television

In related news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $3.85, for a total value of $61,600.00. Following the sale, the director now directly owns 55,347 shares of the company’s stock, valued at $213,085.95. This represents a 22.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 15.22% of the company’s stock.

Institutional Trading of Gray Television

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTN. Barclays PLC increased its position in shares of Gray Television by 114.4% during the third quarter. Barclays PLC now owns 272,272 shares of the company’s stock worth $1,460,000 after acquiring an additional 145,263 shares during the period. Franklin Resources Inc. increased its position in shares of Gray Television by 5.5% during the third quarter. Franklin Resources Inc. now owns 696,853 shares of the company’s stock worth $3,951,000 after acquiring an additional 36,312 shares during the period. Linden Thomas Advisory Services LLC increased its position in shares of Gray Television by 15.8% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 108,796 shares of the company’s stock worth $343,000 after acquiring an additional 14,871 shares during the period. Choreo LLC increased its position in shares of Gray Television by 60.0% during the fourth quarter. Choreo LLC now owns 26,827 shares of the company’s stock worth $81,000 after acquiring an additional 10,058 shares during the period. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Gray Television during the fourth quarter worth approximately $340,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Gray Television Company Profile

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.