$507.25 Million in Sales Expected for Gray Television, Inc. (NYSE:GTN) This Quarter

Wall Street analysts forecast that Gray Television, Inc. (NYSE:GTN) will post sales of $507.25 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Gray Television’s earnings, with the lowest sales estimate coming in at $504.00 million and the highest estimate coming in at $510.50 million. Gray Television posted sales of $250.34 million during the same quarter last year, which suggests a positive year over year growth rate of 102.6%. The business is expected to announce its next earnings report on Tuesday, August 6th.

According to Zacks, analysts expect that Gray Television will report full year sales of $2.11 billion for the current financial year. For the next financial year, analysts anticipate that the business will report sales of $2.42 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Gray Television.

Gray Television (NYSE:GTN) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.31) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.44) by $0.13. Gray Television had a return on equity of 20.34% and a net margin of 12.56%. The firm had revenue of $518.00 million during the quarter, compared to the consensus estimate of $498.41 million. During the same period last year, the company earned $0.22 earnings per share. The company’s revenue for the quarter was up 129.2% on a year-over-year basis.

A number of brokerages have issued reports on GTN. Zacks Investment Research lowered Gray Television from a “buy” rating to a “hold” rating in a research note on Wednesday. ValuEngine downgraded Gray Television from a “hold” rating to a “sell” rating in a report on Thursday, June 27th. TheStreet downgraded Gray Television from a “b-” rating to a “c+” rating in a report on Tuesday, June 4th. Benchmark restated a “buy” rating on shares of Gray Television in a research note on Thursday, May 9th. Finally, Barrington Research reiterated a “buy” rating on shares of Gray Television in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $24.80.

Shares of GTN stock traded up $0.30 during mid-day trading on Wednesday, reaching $17.75. The stock had a trading volume of 49,672 shares, compared to its average volume of 985,283. The firm has a market capitalization of $1.71 billion, a P/E ratio of 7.30, a P/E/G ratio of 1.86 and a beta of 2.00. The firm’s 50-day moving average is $16.97. Gray Television has a 12-month low of $13.75 and a 12-month high of $25.31. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.51 and a current ratio of 2.51.

Several institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers lifted its stake in shares of Gray Television by 42.4% in the 4th quarter. Rhumbline Advisers now owns 115,564 shares of the company’s stock valued at $1,703,000 after purchasing an additional 34,434 shares in the last quarter. BlackRock Inc. grew its stake in Gray Television by 14.2% during the 4th quarter. BlackRock Inc. now owns 6,108,456 shares of the company’s stock worth $90,040,000 after buying an additional 758,058 shares during the last quarter. Raymond James & Associates grew its stake in Gray Television by 18.8% during the 4th quarter. Raymond James & Associates now owns 26,010 shares of the company’s stock worth $383,000 after buying an additional 4,120 shares during the last quarter. Citigroup Inc. grew its stake in Gray Television by 95.9% during the 4th quarter. Citigroup Inc. now owns 31,887 shares of the company’s stock worth $470,000 after buying an additional 15,613 shares during the last quarter. Finally, GSA Capital Partners LLP grew its stake in Gray Television by 15.3% during the 4th quarter. GSA Capital Partners LLP now owns 50,868 shares of the company’s stock worth $750,000 after buying an additional 6,757 shares during the last quarter. 83.89% of the stock is owned by institutional investors and hedge funds.

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

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