Analysts forecast that Gray Television, Inc. (NYSE:GTN) will announce $0.26 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Gray Television’s earnings, with estimates ranging from $0.25 to $0.26. Gray Television reported earnings of $0.70 per share during the same quarter last year, which suggests a negative year-over-year growth rate of 62.9%. The firm is scheduled to announce its next earnings results on Tuesday, November 5th.
On average, analysts expect that Gray Television will report full year earnings of $0.91 per share for the current year, with EPS estimates ranging from $0.62 to $1.41. For the next fiscal year, analysts anticipate that the company will report earnings of $3.10 per share, with EPS estimates ranging from $2.70 to $3.32. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that cover Gray Television.
Gray Television (NYSE:GTN) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. Gray Television had a net margin of 10.78% and a return on equity of 19.25%. The company had revenue of $508.00 million during the quarter, compared to analysts’ expectations of $508.79 million. During the same quarter in the prior year, the company posted $0.46 EPS. The business’s revenue was up 103.2% on a year-over-year basis.
GTN has been the subject of several recent research reports. TheStreet downgraded shares of Gray Television from a “b-” rating to a “c+” rating in a research note on Tuesday, June 4th. Barrington Research reaffirmed a “buy” rating on shares of Gray Television in a research note on Wednesday, May 8th. Benchmark reaffirmed a “buy” rating on shares of Gray Television in a research note on Thursday, May 9th. Zacks Investment Research lowered shares of Gray Television from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Finally, ValuEngine lowered shares of Gray Television from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $24.80.
In other news, major shareholder Harriett J. Robinson acquired 7,500 shares of Gray Television stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $14.87 per share, with a total value of $111,525.00. Following the purchase, the insider now directly owns 1,008,467 shares of the company’s stock, valued at $14,995,904.29. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Hilton H. Howell, Jr. acquired 1,800 shares of Gray Television stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $14.76 per share, for a total transaction of $26,568.00. Following the purchase, the chairman now directly owns 992,224 shares in the company, valued at $14,645,226.24. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,600 shares of company stock worth $158,230 in the last three months. 10.14% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Gray Television by 8.5% during the 2nd quarter. BlackRock Inc. now owns 6,410,595 shares of the company’s stock valued at $105,070,000 after purchasing an additional 502,687 shares during the last quarter. Vanguard Group Inc. lifted its position in Gray Television by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 4,369,435 shares of the company’s stock worth $71,615,000 after acquiring an additional 144,034 shares during the period. Victory Capital Management Inc. lifted its position in Gray Television by 16.0% during the 2nd quarter. Victory Capital Management Inc. now owns 1,535,228 shares of the company’s stock worth $25,162,000 after acquiring an additional 211,987 shares during the period. Copper Rock Capital Partners LLC acquired a new stake in Gray Television during the 2nd quarter worth about $19,850,000. Finally, Nuveen Asset Management LLC acquired a new stake in Gray Television during the 2nd quarter worth about $19,048,000. 85.21% of the stock is currently owned by institutional investors and hedge funds.
Shares of Gray Television stock traded up $0.27 during trading on Thursday, reaching $14.63. The company’s stock had a trading volume of 961,528 shares, compared to its average volume of 924,843. The company has a quick ratio of 2.93, a current ratio of 2.93 and a debt-to-equity ratio of 2.89. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 6.02, a P/E/G ratio of 1.62 and a beta of 1.98. Gray Television has a 1-year low of $13.60 and a 1-year high of $25.31. The company has a 50-day simple moving average of $16.89 and a two-hundred day simple moving average of $19.12.
About Gray Television
Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 28, 2019, it owned and operated television stations in 91 television markets broadcasting approximately 400 program streams, including approximately 150 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.
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