Zacks: Brokerages Anticipate Gray Television, Inc. (GTN) Will Announce Earnings of $0.41 Per Share

Wall Street brokerages expect Gray Television, Inc. (NYSE:GTN) to report $0.41 earnings per share for the current quarter, Zacks reports. Four analysts have issued estimates for Gray Television’s earnings, with estimates ranging from $0.39 to $0.42. Gray Television reported earnings per share of $0.28 during the same quarter last year, which would indicate a positive year over year growth rate of 46.4%. The company is scheduled to report its next quarterly earnings report before the market opens on Tuesday, August 7th.

According to Zacks, analysts expect that Gray Television will report full year earnings of $1.84 per share for the current financial year, with EPS estimates ranging from $1.79 to $1.89. For the next year, analysts anticipate that the business will report earnings of $1.23 per share, with EPS estimates ranging from $1.11 to $1.37. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow Gray Television.

Gray Television (NYSE:GTN) last issued its earnings results on Tuesday, May 8th. The company reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.07. Gray Television had a return on equity of 11.06% and a net margin of 29.97%. The company had revenue of $226.26 million during the quarter, compared to the consensus estimate of $225.41 million. During the same period in the previous year, the company posted $0.14 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year.

Several brokerages have recently commented on GTN. ValuEngine downgraded Gray Television from a “sell” rating to a “strong sell” rating in a research note on Friday, June 8th. Zacks Investment Research downgraded Gray Television from a “buy” rating to a “hold” rating in a research note on Tuesday, May 29th. Barrington Research reiterated an “outperform” rating on shares of Gray Television in a research note on Monday, July 16th. Benchmark reiterated a “buy” rating and set a $20.00 target price on shares of Gray Television in a research note on Thursday, May 3rd. Finally, Noble Financial reiterated a “buy” rating on shares of Gray Television in a research note on Thursday, May 10th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $21.43.

Shares of NYSE GTN traded up $0.10 during midday trading on Thursday, hitting $15.00. 1,022,100 shares of the company’s stock were exchanged, compared to its average volume of 1,130,742. The company has a current ratio of 6.46, a quick ratio of 6.46 and a debt-to-equity ratio of 1.85. Gray Television has a 12 month low of $10.70 and a 12 month high of $17.80. The company has a market capitalization of $1.37 billion, a P/E ratio of 12.74, a P/E/G ratio of 1.40 and a beta of 2.56.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GW&K Investment Management LLC boosted its stake in Gray Television by 40.4% in the 1st quarter. GW&K Investment Management LLC now owns 16,195 shares of the company’s stock valued at $206,000 after purchasing an additional 4,660 shares during the period. BNP Paribas Arbitrage SA boosted its stake in Gray Television by 34.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 18,995 shares of the company’s stock valued at $241,000 after purchasing an additional 4,823 shares during the period. Russell Investments Group Ltd. boosted its stake in Gray Television by 3.2% in the 1st quarter. Russell Investments Group Ltd. now owns 171,183 shares of the company’s stock valued at $2,174,000 after purchasing an additional 5,373 shares during the period. SG Americas Securities LLC boosted its stake in Gray Television by 39.7% in the 1st quarter. SG Americas Securities LLC now owns 20,252 shares of the company’s stock valued at $257,000 after purchasing an additional 5,760 shares during the period. Finally, MetLife Investment Advisors LLC boosted its stake in Gray Television by 20.0% in the 1st quarter. MetLife Investment Advisors LLC now owns 36,845 shares of the company’s stock valued at $468,000 after purchasing an additional 6,131 shares during the period. Institutional investors and hedge funds own 88.47% 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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