Gray Television Inc. (NYSE:GTN) shares saw unusually-strong trading volume on Friday . Approximately 1,152,865 shares changed hands during trading, an increase of 64% from the previous session’s volume of 702,452 shares.The stock last traded at $11.12 and had previously closed at $11.00.

A number of analysts recently issued reports on GTN shares. Zacks Investment Research raised Gray Television from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Tuesday, March 29th. Wells Fargo & Co. reissued a “buy” rating on shares of Gray Television in a research report on Tuesday, May 10th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $19.25.

The stock has a market capitalization of $799.27 million and a P/E ratio of 19.11. The firm’s 50-day moving average is $11.30 and its 200-day moving average is $12.20.

Gray Television (NYSE:GTN) last posted its earnings results on Monday, May 9th. The company reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.08. The firm earned $173.70 million during the quarter, compared to analyst estimates of $178.05 million. During the same period last year, the company posted $0.10 EPS. The firm’s revenue for the quarter was up 30.3% on a year-over-year basis. On average, analysts anticipate that Gray Television Inc. will post $1.74 earnings per share for the current year.

Several hedge funds recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in shares of Gray Television by 10.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,494,585 shares of the company’s stock valued at $24,362,000 after buying an additional 139,875 shares in the last quarter. EAM Investors LLC increased its stake in shares of Gray Television by 27.5% in the fourth quarter. EAM Investors LLC now owns 266,916 shares of the company’s stock valued at $4,351,000 after buying an additional 57,622 shares in the last quarter. Century Capital Management LLC bought a new stake in shares of Gray Television during the fourth quarter valued at about $3,748,000. California Public Employees Retirement System increased its stake in shares of Gray Television by 12.6% in the fourth quarter. California Public Employees Retirement System now owns 208,500 shares of the company’s stock valued at $3,399,000 after buying an additional 23,300 shares in the last quarter. Finally, Monarch Partners Asset Management LLC increased its stake in shares of Gray Television by 88.6% in the fourth quarter. Monarch Partners Asset Management LLC now owns 203,850 shares of the company’s stock valued at $3,323,000 after buying an additional 95,750 shares in the last quarter.

Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in markets across the United States. The Company owns and/or operates television stations in approximately 50 television markets broadcasting over 180 separate programming streams, including approximately 40 affiliates of the CBS Network (CBS), over 30 affiliates of the NBC Network (NBC), approximately 20 affiliates of the ABC Network (ABC) and over 10 affiliates of the FOX Network (FOX).

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