StockNews.com upgraded shares of Gray Television (NYSE:GTN – Get Rating) from a sell rating to a hold rating in a report published on Thursday.
Gray Television Stock Performance
Shares of GTN stock opened at $18.48 on Thursday. The company has a quick ratio of 2.54, a current ratio of 2.54 and a debt-to-equity ratio of 3.64. Gray Television has a 52 week low of $16.13 and a 52 week high of $25.24. The stock has a market capitalization of $1.72 billion, a PE ratio of 14.44, a P/E/G ratio of 0.42 and a beta of 1.66. The firm has a 50 day moving average of $18.68 and a two-hundred day moving average of $19.85.
Get Gray Television alerts:Gray Television (NYSE:GTN – Get Rating) last issued its quarterly earnings results on Friday, August 5th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.87 by $0.04. Gray Television had a net margin of 5.73% and a return on equity of 9.66%. The company had revenue of $868.00 million during the quarter, compared to analysts' expectations of $854.97 million. During the same quarter last year, the company posted $0.27 EPS. The firm's revenue was up 58.7% compared to the same quarter last year. On average, research analysts predict that Gray Television will post 4.45 EPS for the current fiscal year.
Gray Television Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be issued a $0.08 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.73%. Gray Television's payout ratio is 25.00%.Institutional Investors Weigh In On Gray Television
A number of hedge funds and other institutional investors have recently modified their holdings of GTN. Darsana Capital Partners LP raised its holdings in shares of Gray Television by 352.1% in the 2nd quarter. Darsana Capital Partners LP now owns 4,140,863 shares of the company's stock valued at $69,939,000 after purchasing an additional 3,225,000 shares in the last quarter. Millennium Management LLC raised its stake in Gray Television by 194.6% during the 2nd quarter. Millennium Management LLC now owns 3,207,464 shares of the company's stock worth $54,174,000 after acquiring an additional 2,118,611 shares in the last quarter. Baupost Group LLC MA acquired a new stake in Gray Television during the 1st quarter worth $28,491,000. Tributary Capital Management LLC acquired a new stake in Gray Television during the 1st quarter worth $14,854,000. Finally, Goldman Sachs Group Inc. raised its stake in Gray Television by 30.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,311,553 shares of the company's stock worth $51,016,000 after acquiring an additional 533,361 shares in the last quarter. 80.61% of the stock is currently owned by institutional investors and hedge funds.
About Gray Television
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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, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.
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