Gray Television (GTN) Downgraded by Zacks Investment Research to Strong Sell

Zacks Investment Research downgraded shares of Gray Television (NYSE:GTN) from a hold rating to a strong sell rating in a research note released on Friday.

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 equities research analysts have also issued reports on GTN. Jefferies Group assumed coverage on shares of Gray Television in a report on Thursday, December 14th. They set a buy rating and a $18.00 price target on the stock. Royal Bank of Canada reissued a buy rating and set a $17.00 target price on shares of Gray Television in a report on Wednesday, September 27th. ValuEngine raised shares of Gray Television from a buy rating to a strong-buy rating in a report on Thursday, September 21st. Benchmark reissued a buy rating and set a $21.00 target price on shares of Gray Television in a report on Tuesday, November 7th. Finally, Guggenheim assumed coverage on shares of Gray Television in a report on Wednesday, October 18th. They set a buy rating and a $20.00 target price on the stock. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $18.43.

Shares of Gray Television (NYSE GTN) opened at $16.80 on Friday. The stock has a market cap of $1,457.83, a P/E ratio of 14.23, a P/E/G ratio of 1.55 and a beta of 3.14. The company has a current ratio of 3.28, a quick ratio of 3.28 and a debt-to-equity ratio of 3.11. Gray Television has a 1-year low of $9.95 and a 1-year high of $17.05.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.01). The company had revenue of $219.00 million for the quarter, compared to the consensus estimate of $218.78 million. Gray Television had a net margin of 14.91% and a return on equity of 15.53%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. research analysts anticipate that Gray Television will post 1.59 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of GTN. FMR LLC lifted its position in shares of Gray Television by 52.1% in the 2nd quarter. FMR LLC now owns 5,870,039 shares of the company’s stock worth $80,419,000 after purchasing an additional 2,011,342 shares during the period. Royal Bank of Canada lifted its position in shares of Gray Television by 221.6% in the 2nd quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock worth $36,828,000 after purchasing an additional 1,852,301 shares during the period. Hillcrest Asset Management LLC acquired a new position in shares of Gray Television in the 3rd quarter worth approximately $8,728,000. Thrivent Financial For Lutherans acquired a new position in shares of Gray Television in the 2nd quarter worth approximately $6,612,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Gray Television by 269.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 461,610 shares of the company’s stock worth $6,323,000 after purchasing an additional 336,726 shares during the period. Hedge funds and other institutional investors own 83.57% of the company’s stock.

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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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