Gray Television, Inc. (GTN) Expected to Announce Earnings of $0.92 Per Share

Wall Street brokerages predict that Gray Television, Inc. (NYSE:GTN) will report $0.92 earnings per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Gray Television’s earnings. Gray Television reported earnings per share of $0.40 during the same quarter last year, which suggests a positive year-over-year growth rate of 130%. The business is expected to issue its next quarterly earnings results on Tuesday, February 26th.

On average, analysts expect that Gray Television will report full year earnings of $2.30 per share for the current fiscal year. For the next year, analysts anticipate that the company will report earnings of $1.31 per share, with EPS estimates ranging from $1.20 to $1.50. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that follow Gray Television.

Gray Television (NYSE:GTN) last released its quarterly earnings data on Tuesday, November 6th. The company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.09. The company had revenue of $279.00 million for the quarter, compared to analyst estimates of $276.52 million. Gray Television had a return on equity of 14.95% and a net margin of 29.12%. The firm’s revenue for the quarter was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 earnings per share.

A number of equities research analysts have commented on the company. ValuEngine upgraded Gray Television from a “hold” rating to a “buy” rating in a research report on Monday, October 22nd. Benchmark lifted their target price on Gray Television from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Wednesday, November 7th. Noble Financial restated a “buy” rating on shares of Gray Television in a research report on Wednesday, November 7th. Zacks Investment Research upgraded Gray Television from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Friday, November 9th. Finally, Wolfe Research assumed coverage on Gray Television in a research report on Friday, December 7th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $22.29.

NYSE GTN opened at $16.50 on Tuesday. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.26 and a beta of 2.05. The company has a current ratio of 6.32, a quick ratio of 6.32 and a debt-to-equity ratio of 1.64. Gray Television has a fifty-two week low of $10.70 and a fifty-two week high of $20.24.

Hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. raised its holdings in shares of Gray Television by 1,231.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,974 shares of the company’s stock valued at $139,000 after buying an additional 7,375 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Gray Television by 168.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the company’s stock valued at $155,000 after buying an additional 5,542 shares during the period. Virtu Financial LLC purchased a new stake in shares of Gray Television in the 3rd quarter valued at $180,000. Financial Counselors Inc. purchased a new stake in shares of Gray Television in the 3rd quarter valued at $194,000. Finally, HAP Trading LLC purchased a new stake in shares of Gray Television in the 3rd quarter valued at $282,000. Hedge funds and other institutional investors own 83.94% of the company’s stock.

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 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 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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