Gray Television, Inc. (GTN) Expected to Announce Quarterly Sales of $232.62 Million
Brokerages predict that Gray Television, Inc. (NYSE:GTN) will report sales of $232.62 million for the current quarter, Zacks reports. Three analysts have made estimates for Gray Television’s earnings. The highest sales estimate is $234.50 million and the lowest is $230.50 million. Gray Television reported sales of $237.62 million during the same quarter last year, which would suggest a negative year over year growth rate of 2.1%. The company is scheduled to announce its next earnings results on Wednesday, March 7th.
On average, analysts expect that Gray Television will report full-year sales of $232.62 million for the current fiscal year, with estimates ranging from $879.50 million to $883.60 million. For the next financial year, analysts forecast that the firm will report sales of $1.03 billion per share, with estimates ranging from $1.02 billion to $1.04 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Gray Television.
Gray Television (NYSE:GTN) last issued its quarterly earnings results on Monday, November 6th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). Gray Television had a net margin of 14.91% and a return on equity of 15.53%. The business had revenue of $219.00 million for the quarter, compared to analysts’ expectations of $218.78 million. During the same quarter in the prior year, the firm posted $0.26 EPS. The business’s quarterly revenue was up 7.1% compared to the same quarter last year.
A number of brokerages have recently weighed in on GTN. ValuEngine downgraded Gray Television from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 30th. Zacks Investment Research upgraded Gray Television from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Thursday, September 21st. Jefferies Group began coverage on Gray Television in a report on Thursday, December 14th. They set a “buy” rating and a $18.00 price target on the stock. Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Gray Television in a report on Tuesday, November 7th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $17.00 price target on shares of Gray Television in a report on Wednesday, September 27th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Gray Television currently has a consensus rating of “Buy” and a consensus target price of $18.43.
Shares of Gray Television (NYSE:GTN) traded down $0.10 during mid-day trading on Wednesday, hitting $16.10. The stock had a trading volume of 851,296 shares, compared to its average volume of 1,800,000. Gray Television has a twelve month low of $9.95 and a twelve month high of $17.50. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. The stock has a market capitalization of $1,430.00, a P/E ratio of 8.85, a price-to-earnings-growth ratio of 2.12 and a beta of 3.13.
In related news, EVP Kevin Paul Latek sold 97,634 shares of Gray Television stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $16.96, for a total transaction of $1,655,872.64. Following the completion of the sale, the executive vice president now owns 219,706 shares of the company’s stock, valued at $3,726,213.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.00% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP boosted its position in Gray Television by 100.2% during the third quarter. GSA Capital Partners LLP now owns 157,082 shares of the company’s stock valued at $2,466,000 after purchasing an additional 78,629 shares during the last quarter. Delphi Management Inc. MA acquired a new stake in Gray Television during the third quarter valued at $550,000. Dana Investment Advisors Inc. acquired a new stake in Gray Television during the third quarter valued at $2,276,000. California Public Employees Retirement System boosted its position in Gray Television by 2.2% during the third quarter. California Public Employees Retirement System now owns 153,139 shares of the company’s stock valued at $2,404,000 after purchasing an additional 3,339 shares during the last quarter. Finally, Granahan Investment Management Inc. MA acquired a new stake in Gray Television during the third quarter valued at $427,000. 67.43% of the stock is owned by hedge funds and other institutional investors.
Gray Television Company Profile
Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).
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