Gray Television, Inc. (NYSE:GTN) Expected to Announce Earnings of $0.26 Per Share

Wall Street brokerages expect Gray Television, Inc. (NYSE:GTN) to post earnings of $0.26 per share for the current quarter, according to Zacks. Two analysts have issued estimates for Gray Television’s earnings, with the lowest EPS estimate coming in at $0.25 and the highest estimate coming in at $0.26. Gray Television reported earnings per share of $0.70 in the same quarter last year, which suggests a negative year-over-year growth rate of 62.9%. The business is scheduled to report its next quarterly 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 financial year, with EPS estimates ranging from $0.62 to $1.41. For the next fiscal year, analysts expect that the company will post earnings of $3.10 per share, with EPS estimates ranging from $2.70 to $3.32. Zacks’ EPS averages are a mean average based on a survey of research firms that cover Gray Television.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.03. Gray Television had a net margin of 10.78% and a return on equity of 19.25%. The firm had revenue of $508.00 million for the quarter, compared to the consensus estimate of $508.79 million. During the same quarter in the previous year, the firm posted $0.46 EPS. The firm’s quarterly revenue was up 103.2% on a year-over-year basis.

Several equities research analysts recently issued reports on GTN shares. 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 downgraded shares of Gray Television from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Finally, ValuEngine downgraded shares of Gray Television from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $24.80.

In related news, Chairman Hilton H. Howell, Jr. bought 1,800 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $14.76 per share, with a total value of $26,568.00. Following the transaction, the chairman now owns 992,224 shares of the company’s stock, valued at $14,645,226.24. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Harriett J. Robinson bought 7,500 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $14.87 per share, with a total value of $111,525.00. Following the transaction, the insider now directly owns 1,008,467 shares in the company, valued at approximately $14,995,904.29. The disclosure for this purchase can be found here. Insiders bought a total of 10,600 shares of company stock valued at $158,230 in the last three months. Insiders own 10.14% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GYL Financial Synergies LLC bought a new position in Gray Television during the first quarter worth $2,143,000. Hussman Strategic Advisors Inc. increased its position in shares of Gray Television by 188.5% during the 2nd quarter. Hussman Strategic Advisors Inc. now owns 225,000 shares of the company’s stock valued at $3,688,000 after purchasing an additional 147,000 shares during the last quarter. Marshall Wace North America L.P. increased its position in shares of Gray Television by 105.4% during the 1st quarter. Marshall Wace North America L.P. now owns 106,094 shares of the company’s stock valued at $2,266,000 after purchasing an additional 54,441 shares during the last quarter. First Quadrant L P CA increased its position in shares of Gray Television by 546.0% during the 1st quarter. First Quadrant L P CA now owns 82,333 shares of the company’s stock valued at $1,759,000 after purchasing an additional 69,587 shares during the last quarter. Finally, ClariVest Asset Management LLC increased its position in shares of Gray Television by 65.9% during the 1st quarter. ClariVest Asset Management LLC now owns 536,107 shares of the company’s stock valued at $11,449,000 after purchasing an additional 212,986 shares during the last quarter. 85.21% of the stock is owned by institutional investors.

Gray Television stock traded up $0.27 during midday trading on Thursday, hitting $14.63. 961,528 shares of the stock were exchanged, compared to its average volume of 924,843. Gray Television has a 1 year low of $13.60 and a 1 year high of $25.31. The firm has a market cap of $1.45 billion, a P/E ratio of 6.02, a P/E/G ratio of 1.62 and a beta of 1.98. The company has a debt-to-equity ratio of 2.89, a current ratio of 2.93 and a quick ratio of 2.93. The company has a 50 day moving average price of $16.89 and a two-hundred day moving average price of $19.12.

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 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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