Zacks Investment Research downgraded shares of Gray Television, Inc. (NYSE:GTN) from a buy rating to a hold rating in a report published on Wednesday.

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 analysts have also commented on the stock. Royal Bank Of Canada set a $16.00 target price on shares of Gray Television and gave the company a buy rating in a report on Tuesday, July 18th. ValuEngine raised shares of Gray Television from a buy rating to a strong-buy rating in a report on Friday, September 1st. BidaskClub lowered shares of Gray Television from a strong-buy rating to a buy rating in a report on Sunday, August 6th. Benchmark Co. raised their price target on shares of Gray Television from $19.00 to $20.00 and gave the stock a buy rating in a report on Wednesday, August 9th. Finally, Wells Fargo & Company reissued an outperform rating and issued a $18.00 price target (up previously from $15.50) on shares of Gray Television in a report on Thursday, August 10th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Gray Television has a consensus rating of Buy and an average price target of $17.80.

Gray Television (NYSE GTN) opened at 14.60 on Wednesday. Gray Television has a one year low of $7.00 and a one year high of $15.45. The stock’s 50 day moving average is $14.18 and its 200-day moving average is $13.88. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 9.08 and a beta of 3.29.

Gray Television (NYSE:GTN) last released its earnings results on Tuesday, August 8th. The company reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. Gray Television had a net margin of 13.38% and a return on equity of 17.32%. The company had revenue of $226.70 million for the quarter, compared to analyst estimates of $221.05 million. During the same quarter last year, the firm earned $0.24 EPS. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, equities research analysts expect that Gray Television will post $1.61 earnings per share for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in GTN. Parametric Portfolio Associates LLC lifted its position in shares of Gray Television by 7.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 30,941 shares of the company’s stock worth $449,000 after purchasing an additional 2,015 shares during the period. Virginia Retirement Systems ET AL purchased a new stake in shares of Gray Television in the 1st quarter worth about $283,000. Oxford Asset Management purchased a new stake in shares of Gray Television in the 1st quarter worth about $821,000. Martingale Asset Management L P purchased a new stake in shares of Gray Television in the 1st quarter worth about $928,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Gray Television in the 1st quarter worth about $1,102,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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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