Traders Buy High Volume of Call Options on Gray Television (GTN)

Gray Television, Inc. (NYSE:GTN) was the target of unusually large options trading activity on Thursday. Stock investors bought 3,946 call options on the company. This is an increase of 1,215% compared to the typical volume of 300 call options.

A number of equities analysts recently commented on the stock. Noble Financial reaffirmed a “buy” rating on shares of Gray Television in a research note on Wednesday, November 7th. Zacks Investment Research cut shares of Gray Television from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 5th. Stephens reaffirmed an “overweight” rating and set a $27.00 price target on shares of Gray Television in a research note on Friday. Benchmark lifted their price target on shares of Gray Television from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday, November 7th. Finally, Barrington Research reaffirmed a “buy” rating and set a $23.00 price target on shares of Gray Television in a research note on Thursday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Gray Television presently has an average rating of “Buy” and a consensus target price of $23.86.

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Shares of GTN opened at $22.57 on Friday. Gray Television has a 1-year low of $10.70 and a 1-year high of $23.45. The stock has a market cap of $1.75 billion, a P/E ratio of 19.29, a P/E/G ratio of 1.46 and a beta of 1.91. The company has a debt-to-equity ratio of 1.64, a current ratio of 6.32 and a quick ratio of 6.32.

Gray Television (NYSE:GTN) last announced its quarterly earnings data on Thursday, February 28th. The company reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.08. Gray Television had a net margin of 29.12% and a return on equity of 14.95%. Research analysts forecast that Gray Television will post 2.3 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in GTN. Bank of New York Mellon Corp raised its holdings in shares of Gray Television by 142.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,018,985 shares of the company’s stock valued at $47,700,000 after purchasing an additional 1,773,153 shares in the last quarter. Financial Counselors Inc. bought a new stake in shares of Gray Television in the 3rd quarter valued at about $194,000. State Board of Administration of Florida Retirement System raised its holdings in shares of Gray Television by 26.0% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 24,546 shares of the company’s stock valued at $430,000 after purchasing an additional 5,070 shares in the last quarter. Chicago Equity Partners LLC raised its holdings in shares of Gray Television by 407.8% in the 3rd quarter. Chicago Equity Partners LLC now owns 177,695 shares of the company’s stock valued at $3,110,000 after purchasing an additional 142,705 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Gray Television by 1,231.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,974 shares of the company’s stock valued at $139,000 after purchasing an additional 7,375 shares in the last quarter. Institutional investors own 82.32% of the company’s stock.

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Gray Television Company Profile

Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.

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