Gray Television, Inc. (GTN) Issues Earnings Results
Gray Television, Inc. (NYSE:GTN) released its quarterly earnings results on Tuesday. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03, Morningstar.com reports. The business had revenue of $226.70 million during the quarter, compared to the consensus estimate of $221.05 million. Gray Television had a return on equity of 17.77% and a net margin of 7.57%. The company’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 EPS.
Gray Television (GTN) opened at 14.15 on Wednesday. The firm’s 50-day moving average price is $14.08 and its 200-day moving average price is $13.43. The firm has a market cap of $1.02 billion, a P/E ratio of 16.08 and a beta of 3.28. Gray Television has a 1-year low of $7.00 and a 1-year high of $15.45.
A number of research firms have issued reports on GTN. BidaskClub upgraded Gray Television from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Royal Bank Of Canada set a $16.00 price target on Gray Television and gave the company a “buy” rating in a research note on Tuesday, July 18th. Finally, Benchmark Co. reiterated a “buy” rating and set a $19.00 price target on shares of Gray Television in a research note on Monday, May 15th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $16.50.
Large investors have recently modified their holdings of the company. Pacad Investment Ltd. boosted its stake in shares of Gray Television by 24.3% in the second quarter. Pacad Investment Ltd. now owns 13,800 shares of the company’s stock valued at $189,000 after buying an additional 2,700 shares in the last quarter. Micawber Capital LLC boosted its stake in shares of Gray Television by 3.6% in the second quarter. Micawber Capital LLC now owns 142,577 shares of the company’s stock valued at $1,953,000 after buying an additional 4,923 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Gray Television by 293.4% in the second quarter. Principal Financial Group Inc. now owns 43,049 shares of the company’s stock valued at $590,000 after buying an additional 32,105 shares in the last quarter. IndexIQ Advisors LLC bought a new stake in shares of Gray Television during the second quarter valued at about $447,000. Finally, Prudential Financial Inc. boosted its stake in shares of Gray Television by 91.5% in the second quarter. Prudential Financial Inc. now owns 322,780 shares of the company’s stock valued at $4,423,000 after buying an additional 154,240 shares in the last quarter. Institutional investors own 87.34% of the company’s stock.
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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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