Gray Television Inc. (GTN) Shares Down 8.7%

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Shares of Gray Television Inc. (NYSE:GTN) traded down 8.7% during mid-day trading on Tuesday . The company traded as low as $9.87 and last traded at $10.08, with a volume of 1,225,210 shares. The stock had previously closed at $11.04.
A number of analysts recently issued reports on the company. Zacks Investment Research raised Gray Television from a “strong sell” rating to a “hold” rating and set a $13.00 price objective for the company in a research report on Tuesday, July 12th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Gray Television in a research report on Tuesday, May 24th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $18.75.
The firm’s 50-day moving average is $11.06 and its 200-day moving average is $11.53. The stock has a market capitalization of $718.78 million, a P/E ratio of 14.95 and a beta of 2.94.

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Gray Television (NYSE:GTN) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.25 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.25. Gray Television had a return on equity of 12.58% and a net margin of 6.98%. The business had revenue of $196.60 million for the quarter, compared to the consensus estimate of $196.25 million. During the same period in the prior year, the business earned $0.17 earnings per share. The business’s revenue was up 37.1% on a year-over-year basis. On average, analysts anticipate that Gray Television Inc. will post $1.63 earnings per share for the current year.
Several hedge funds have recently modified their holdings of the stock. Neuberger Berman Group LLC increased its stake in shares of Gray Television by 15.3% in the second quarter. Neuberger Berman Group LLC now owns 5,141,017 shares of the company’s stock valued at $55,780,000 after buying an additional 682,000 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Gray Television by 1.9% in the second quarter. Vanguard Group Inc. now owns 2,479,183 shares of the company’s stock valued at $26,899,000 after buying an additional 45,272 shares in the last quarter. Penn Capital Management Co. Inc. increased its stake in shares of Gray Television by 21.6% in the second quarter. Penn Capital Management Co. Inc. now owns 2,198,885 shares of the company’s stock valued at $23,822,000 after buying an additional 389,980 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Gray Television by 8.2% in the second quarter. Victory Capital Management Inc. now owns 1,868,116 shares of the company’s stock valued at $20,269,000 after buying an additional 142,053 shares in the last quarter. Finally, Calixto Global Investors LP increased its stake in shares of Gray Television by 137.8% in the first quarter. Calixto Global Investors LP now owns 1,851,713 shares of the company’s stock valued at $21,702,000 after buying an additional 1,072,891 shares in the last quarter. Institutional investors and hedge funds 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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