Gray Television (NYSE:GTN) downgraded by to “Sell”

Gray TV (NYSE: GTN – Get Note) was downgraded by research analysts from a “hold” rating to a “sell” rating in a research report released Friday to clients and investors.

Gray TV up 3.4%

GTN traded down $0.48 during Friday’s trading, hitting $14.73. The company had a trading volume of 694,883 shares, compared to an average volume of 717,017. The company has a quick ratio of 2.54, a current ratio of 2.54 and a leverage ratio of 3.64. The company has a 50-day simple moving average of $17.01 and a 200-day simple moving average of $18.24. The stock has a market capitalization of $1.37 billion, a P/E ratio of 11.51, a PEG ratio of 0.35 and a beta of 1.71. Gray Television has a 52-week low of $13.67 and a 52-week high of $25.24.

Gray Television (NYSE:GTN – Get Rating) last reported quarterly earnings data on Friday, August 5. The company reported earnings per share (EPS) of $0.91 for the quarter, missing the consensus estimate of $0.97 per ($0.06). The company posted revenue of $868.00 million in the quarter, versus a consensus estimate of $854.97 million. Gray Television had a return on equity of 9.66% and a net margin of 5.73%. The company’s revenue for the quarter increased 58.7% on an annual basis. During the same period of the previous year, the company achieved EPS of $0.27. On average, stock analysts expect Gray Television to post an EPS of 4.45 for the current fiscal year.

Hedge funds weigh on gray TV

A number of institutional investors have recently changed their stock portfolios. Janney Montgomery Scott LLC increased its stake in shares of Gray Television by 7.8% during the third quarter. Janney Montgomery Scott LLC now owns 14,591 shares of the company valued at $209,000 after purchasing an additional 1,060 shares last quarter. HGK Asset Management Inc. increased its stake in Gray Television by 10.5% during the third quarter. HGK Asset Management Inc. now owns 41,122 shares of the company worth $589,000 after purchasing 3,898 additional shares during the period. Unison Advisors LLC increased its stake in Gray Television by 32.8% during the third quarter. Unison Advisors LLC now owns 34,133 shares of the company worth $489,000 after purchasing an additional 8,424 shares during the period. Tributary Capital Management LLC increased its position in Gray Television by 6.9% during the 3rd quarter. Tributary Capital Management LLC now owns 982,668 shares of the company valued at $14,072,000 after acquiring an additional 63,786 shares last quarter. Finally, Federated Hermes Inc. increased its equity stake in Gray Television by 17.8% in the second quarter. Federated Hermes Inc. now owns 259,023 shares of the company valued at $4,375,000 after acquiring 39,115 additional shares during the period. 80.61% of the shares are held by hedge funds and other institutional investors.

About Gray Television

(Get a rating)

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also carries secondary digital channels affiliated with 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 FILMS! Network; and local news/weather channels in various markets.

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