Shares of Gray Television Inc. (NYSE:GTN) fell 1.2% during mid-day trading on Thursday . The stock traded as low as $11.44 and last traded at $11.52, with a volume of 255,897 shares. The stock had previously closed at $11.66.

Several brokerages recently issued reports on GTN. Zacks Investment Research downgraded Gray Television from a “buy” rating to a “hold” rating in a report on Thursday, July 28th. Wells Fargo & Co. reissued a “buy” rating on shares of Gray Television in a report on Tuesday, May 24th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Gray Television currently has a consensus rating of “Buy” and an average target price of $18.75.

The firm has a market cap of $828.03 million and a PE ratio of 17.22. The firm’s 50 day moving average is $10.98 and its 200 day moving average is $11.57.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.25 EPS for the quarter, hitting analysts’ consensus estimates of $0.25. During the same quarter in the previous year, the firm posted $0.17 earnings per share. The business earned $196.60 million during the quarter, compared to the consensus estimate of $196.25 million. The company’s revenue for the quarter was up 37.1% on a year-over-year basis. On average, analysts expect that Gray Television Inc. will post $1.66 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of GTN. Rhumbline Advisers raised its position in shares of Gray Television by 8.0% in the fourth quarter. Rhumbline Advisers now owns 63,365 shares of the company’s stock valued at $1,033,000 after buying an additional 4,700 shares in the last quarter. California Public Employees Retirement System raised its position 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, Stephens Inc. AR purchased a new position in shares of Gray Television during the fourth quarter valued at about $1,243,000.

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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