Equity research analysts predict that Gray Television, Inc. (NYSE: GTN) will post $ 533.90 million in sales for the current quarter, according to Zacks. Two analysts have estimated Gray Television’s earnings, with estimates ranging from $ 525.00 million to $ 542.80 million. Gray Television recorded sales of $ 451.00 million in the same quarter last year, which would indicate a positive growth rate of 18.4% year over year. The company is expected to publish its next results on Thursday, August 5.
According to Zacks, analysts expect Gray Television to report annual sales of $ 2.25 billion for the current fiscal year, with estimates ranging from $ 2.23 billion to $ 2.28 billion. For the next fiscal year, analysts expect the company to post revenue of $ 2.59 billion. Zacks Investment Research sales averages are an average based on a survey of analysts who cover Gray Television.
Gray Television (NYSE: GTN) last released its results on Sunday, May 2. The company reported earnings per share of $ 0.27 for the quarter, beating Thomson Reuters’ consensus estimate of $ 0.18 of $ 0.09. The company posted revenue of $ 544.00 million for the quarter, compared to a consensus estimate of $ 532.96 million. Gray Television had a net margin of 16.56% and a return on equity of 24.19%. The company’s quarterly revenue is up 1.9% from the same quarter last year. In the same quarter of the previous year, the company achieved earnings per share of $ 0.41.
GTN has been the subject of several analyst reports. Barrington Research raised its target price for Gray Television shares from $ 23.00 to $ 25, and gave the company an “outperformance” rating in a report released on Monday, May 10. Zacks Investment Research downgraded Gray Television’s shares from a “buy” rating to a “keep” rating in a Tuesday, June 8 research note. One research analyst rated the stock with a conservation rating and three gave the company’s stock a buy rating. The company currently has an average rating of “Buy” and a consensus target price of $ 25.00.
NYSE: GTN shares opened at $ 22.67 on Tuesday. The stock has a market cap of $ 2.16 billion, a price-to-earnings ratio of 6.28, a price-to-earnings-growth ratio of 1.40, and a beta of 2.05. The company has a 50-day moving average price of $ 21.84. The company has a current ratio of 5.21, a quick ratio of 5.21, and a debt ratio of 2.24. Gray Television has a 52 week low of $ 11.95 and a 52 week high of $ 23.94.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30. Investors of record on Tuesday, June 15 will receive a dividend of $ 0.08. This represents an annualized dividend of $ 0.32 and a dividend yield of 1.41%. The ex-dividend date is Monday June 14. Gray Television’s dividend payout ratio (DPR) is 8.67%.
In other Gray Television news, director D Patrick Laplatney sold 20,000 shares of Gray Television in a transaction dated Thursday, June 17. The shares were sold at an average price of $ 22.89, for a total trade of $ 457,800.00. Following the completion of the transaction, the director now owns 400,757 shares of the company, valued at $ 9,173,327.73. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Additionally, Executive Vice President Kevin Paul Latek sold 27,670 shares of Gray Television in a transaction dated Friday, April 16. The stock was sold for an average price of $ 20.02, for a total trade of $ 553,953.40. As a result of the transaction, the Executive Vice President now owns 214,001 shares of the company, valued at approximately $ 4,284,300.02. Disclosure of this sale can be found here. Insiders sold 137,370 shares of the company valued at $ 2,964,326 in the last quarter. Company insiders own 4.50% of the company’s shares.
A number of institutional investors and hedge funds have recently changed their positions in the company. LSV Asset Management increased its position in Gray Television by 89.4% during the first quarter. LSV Asset Management now owns 3,751,011 shares of the company valued at $ 69,018,000 after acquiring an additional 1,770,507 shares during the last quarter. Channing Capital Management LLC increased its position in Gray Television by 12.7% during the fourth quarter. Channing Capital Management LLC now owns 2,076,498 shares of the company valued at $ 37,149,000 after acquiring an additional 233,905 shares during the last quarter. Royal Bank of Canada increased its position in Gray Television by 98.2% during the first quarter. Royal Bank of Canada now owns 1,406,357 shares of the company valued at $ 25,877,000 after acquiring an additional 696,938 shares during the last quarter. Geode Capital Management LLC increased its position in Gray Television shares by 8.2% in the first quarter. Geode Capital Management LLC now owns 1,394,302 shares of the company valued at $ 25,655,000 after purchasing an additional 105,476 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its position in Gray Television shares by 121.8% in the fourth quarter. Nuveen Asset Management LLC now owns 1,249,137 shares of the company valued at $ 22,347,000 after purchasing an additional 685,905 shares during the last quarter. Institutional investors hold 79.26% of the company’s shares.
About gray television
Gray Television, Inc., a television broadcasting company, owns and / or operates television stations and digital assets in the United States. The company also broadcasts secondary digital channels affiliated with ABC, CBS and FOX, as well as channels affiliated with various other network and program services, including CW Plus Network, MY Network, MeTV Network, Justice, Circle, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and FILMS! Network; and local news / weather channels in various markets.
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