Gray Television Inc. (NYSE:GTN) shares were down 4.5% during mid-day trading on Tuesday . The company traded as low as $9.28 and last traded at $9.34, with a volume of 1,149,041 shares changing hands. The stock had previously closed at $9.78.

A number of research analysts have issued reports on GTN shares. Zacks Investment Research downgraded shares of Gray Television from a “buy” rating to a “hold” rating in a research report on Thursday, April 21st. Wells Fargo & Co. reissued a “buy” rating on shares of Gray Television in a research report on Tuesday, May 10th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Gray Television presently has an average rating of “Buy” and a consensus price target of $18.75.

The firm has a market cap of $667.74 million and a PE ratio of 15.96. The company’s 50 day moving average price is $10.95 and its 200 day moving average price is $11.70.

Gray Television (NYSE:GTN) last posted its earnings results on Monday, May 9th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.08. The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $178.05 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. The firm’s revenue was up 30.3% compared to the same quarter last year. On average, equities analysts forecast that Gray Television Inc. will post $1.72 earnings per share for the current year.

A number of hedge funds recently modified their holdings of the company. State Board of Administration of Florida Retirement System increased its stake in shares of Gray Television by 1.6% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 63,322 shares of the company’s stock worth $1,032,000 after buying an additional 985 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Gray Television by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 117,010 shares of the company’s stock worth $1,907,000 after buying an additional 2,115 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Gray Television by 8.0% in the fourth quarter. Rhumbline Advisers now owns 63,365 shares of the company’s stock worth $1,033,000 after buying an additional 4,700 shares in the last quarter. 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 worth $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 worth $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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