Gray Television, Inc. (NYSE:GTN) Expected to Post Earnings of $0.97 Per Share

Wall Street analysts forecast that Gray Television, Inc. (NYSE:GTNGet Rating) will report earnings per share of $0.97 for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Gray Television’s earnings, with the highest EPS estimate coming in at $1.16 and the lowest estimate coming in at $0.77. Gray Television reported earnings per share of $0.27 in the same quarter last year, which would suggest a positive year-over-year growth rate of 259.3%. The business is scheduled to report its next earnings report on Monday, January 1st.

On average, analysts expect that Gray Television will report full-year earnings of $5.27 per share for the current fiscal year, with EPS estimates ranging from $3.50 to $6.55. For the next fiscal year, analysts expect that the company will report earnings of $3.47 per share, with EPS estimates ranging from $2.65 to $4.29. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Gray Television.

Gray Television (NYSE:GTNGet Rating) last released its earnings results on Friday, May 6th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.15. The company had revenue of $827.00 million for the quarter, compared to the consensus estimate of $805.23 million. Gray Television had a return on equity of 6.35% and a net margin of 4.19%. Gray Television’s quarterly revenue was up 52.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS.

GTN has been the subject of a number of recent analyst reports. Loop Capital increased their target price on shares of Gray Television from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, March 7th. Barrington Research upped their price objective on shares of Gray Television from $25.00 to $28.00 in a research note on Wednesday, March 2nd. Zacks Investment Research raised shares of Gray Television from a “hold” rating to a “strong-buy” rating and set a $22.00 price objective for the company in a research note on Friday, May 13th. Wells Fargo & Company upped their target price on Gray Television from $26.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, February 28th. Finally, StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a report on Tuesday, May 10th.

In other news, Director Robin Robinson Howell acquired 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 11th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $57,000.00. Following the completion of the acquisition, the director now owns 1,692,554 shares of the company’s stock, valued at approximately $32,158,526. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director D Patrick Laplatney sold 60,000 shares of the stock in a transaction that occurred on Monday, April 11th. The stock was sold at an average price of $20.93, for a total value of $1,255,800.00. Following the completion of the transaction, the director now owns 348,849 shares in the company, valued at approximately $7,301,409.57. The disclosure for this sale can be found here. Insiders sold a total of 237,428 shares of company stock worth $5,275,103 in the last quarter. 4.80% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in GTN. Nisa Investment Advisors LLC acquired a new position in Gray Television during the first quarter valued at approximately $26,000. Allworth Financial LP acquired a new position in Gray Television during the first quarter valued at approximately $28,000. Arcadia Investment Management Corp MI acquired a new position in Gray Television during the first quarter valued at approximately $36,000. UMB Bank N A MO acquired a new position in Gray Television during the first quarter valued at approximately $39,000. Finally, Prospera Financial Services Inc acquired a new position in Gray Television during the first quarter valued at approximately $44,000. Institutional investors own 75.11% of the company’s stock.

Shares of NYSE GTN traded up $0.09 during midday trading on Thursday, reaching $19.47. 9,805 shares of the company traded hands, compared to its average volume of 688,939. The stock has a 50-day moving average price of $20.69 and a 200 day moving average price of $21.28. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 30.38, a PEG ratio of 0.38 and a beta of 1.73. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.80 and a quick ratio of 2.80. Gray Television has a 52 week low of $18.14 and a 52 week high of $25.24.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.64%. Gray Television’s dividend payout ratio is 50.00%.

About Gray Television (Get Rating)

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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Earnings History and Estimates for Gray Television (NYSE:GTN)

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