Gray Television (NYSE:GTN) Given New $6.00 Price Target at Wells Fargo & Company

Gray Television (NYSE:GTN) had its price objective lifted by Wells Fargo & Company from $5.50 to $6.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an underweight rating on the stock.

Separately, Barrington Research reaffirmed a market perform rating on shares of Gray Television in a research note on Tuesday, February 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $11.40.

Gray Television Price Performance

GTN traded up $0.38 during trading on Wednesday, hitting $7.13. 1,438,871 shares of the stock traded hands, compared to its average volume of 1,135,551. The business has a 50 day moving average price of $5.94 and a 200 day moving average price of $7.39. The company has a market cap of $692.58 million, a price-to-earnings ratio of -5.04, a PEG ratio of 0.15 and a beta of 1.55. Gray Television has a twelve month low of $5.44 and a twelve month high of $10.69. The company has a debt-to-equity ratio of 3.12, a current ratio of 1.18 and a quick ratio of 1.18.

Gray Television (NYSE:GTN) last posted its earnings results on Tuesday, May 7th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.25. The firm had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $824.98 million. Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.48) earnings per share. Equities research analysts forecast that Gray Television will post 4.21 earnings per share for the current fiscal year.

Gray Television Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 4.49%. Gray Television’s dividend payout ratio is -23.02%.

Insider Buying and Selling

In other news, CEO Hilton H. Howell, Jr. purchased 10,000 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were acquired at an average price of $8.09 per share, with a total value of $80,900.00. Following the completion of the transaction, the chief executive officer now owns 2,982,386 shares of the company’s stock, valued at approximately $24,127,502.74. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.83% of the stock is currently owned by insiders.

Institutional Trading of Gray Television

Institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Gray Television during the first quarter valued at about $25,000. CWM LLC raised its holdings in shares of Gray Television by 61.5% during the fourth quarter. CWM LLC now owns 3,017 shares of the company’s stock valued at $27,000 after purchasing an additional 1,149 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Gray Television during the third quarter valued at about $41,000. Sonora Investment Management Group LLC acquired a new position in shares of Gray Television during the third quarter valued at about $73,000. Finally, Entropy Technologies LP acquired a new position in shares of Gray Television during the first quarter valued at about $73,000. Institutional investors own 78.64% of the company’s stock.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.