Gray Television Inc. (GTN) Bonds Drop 1.4% During Trading

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An issue of Gray Television Inc. (NYSE:GTN) debt fell 1.4% against its face value during trading on Wednesday. The high-yield issue of debt has a 5.125% coupon and is set to mature on October 15, 2024. The debt is now trading at $97.81 and was trading at $99.75 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.
Separately, Zacks Investment Research downgraded shares of Gray Television from a “hold” rating to a “sell” rating in a report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Gray Television currently has an average rating of “Buy” and a consensus price target of $18.75.
Gray Television Inc. (NYSE:GTN) opened at 10.03 on Thursday. Gray Television Inc. has a 12-month low of $9.15 and a 12-month high of $17.70. The firm’s 50-day moving average is $11.09 and its 200-day moving average is $11.50. The stock has a market capitalization of $720.94 million, a P/E ratio of 14.99 and a beta of 2.94.

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Gray Television (NYSE:GTN) last announced its earnings results on Thursday, August 4th. The company reported $0.25 EPS for the quarter, meeting analysts’ consensus estimates of $0.25. The company earned $196.60 million during the quarter, compared to the consensus estimate of $196.25 million. Gray Television had a return on equity of 12.58% and a net margin of 6.98%. The firm’s revenue for the quarter was up 37.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.17 earnings per share. Analysts predict that Gray Television Inc. will post $1.63 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Teachers Advisors Inc. increased its position in shares of Gray Television by 30.4% in the first quarter. Teachers Advisors Inc. now owns 1,064,288 shares of the company’s stock worth $12,473,000 after buying an additional 248,253 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Gray Television by 5.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,745,794 shares of the company’s stock worth $20,461,000 after buying an additional 87,937 shares in the last quarter. Park Avenue Institutional Advisers LLC increased its position in shares of Gray Television by 163.3% in the first quarter. Park Avenue Institutional Advisers LLC now owns 39,500 shares of the company’s stock worth $463,000 after buying an additional 24,500 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Gray Television by 17.9% in the first quarter. Geode Capital Management LLC now owns 590,668 shares of the company’s stock worth $6,921,000 after buying an additional 89,596 shares in the last quarter. Finally, Hancock Holding Co. increased its position in shares of Gray Television by 0.8% in the first quarter. Hancock Holding Co. now owns 767,817 shares of the company’s stock worth $8,999,000 after buying an additional 6,367 shares in the last quarter. Institutional investors own 86.57% of the company’s stock.
About Gray Television
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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