Zacks: Brokerages Anticipate Gray Television, Inc. (GTN) Will Announce Quarterly Sales of $231.68 Million

Analysts predict that Gray Television, Inc. (NYSE:GTN) will post sales of $231.68 million for the current quarter, according to Zacks. Two analysts have issued estimates for Gray Television’s earnings, with estimates ranging from $230.50 million to $232.85 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 2.5%. The company is expected to announce its next earnings results on Wednesday, March 7th.

According to Zacks, analysts expect that Gray Television will report full-year sales of $231.68 million for the current year, with estimates ranging from $879.50 million to $881.97 million. For the next fiscal year, analysts anticipate that the company will report sales of $1.03 billion per share, with estimates ranging from $1.02 billion to $1.04 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Gray Television.

Gray Television (NYSE:GTN) last posted its earnings results on Monday, November 6th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.01). The firm had revenue of $219.00 million during the quarter, compared to analyst estimates of $218.78 million. Gray Television had a net margin of 14.91% and a return on equity of 15.53%. Gray Television’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.26 EPS.

GTN has been the topic of a number of analyst reports. ValuEngine raised Gray Television from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Zacks Investment Research downgraded Gray Television from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. Royal Bank of Canada reissued a “buy” rating and set a $17.00 price target on shares of Gray Television in a research report on Wednesday, September 27th. Guggenheim initiated coverage on Gray Television in a research report on Wednesday, October 18th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Gray Television in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. Gray Television presently has a consensus rating of “Buy” and a consensus price target of $18.43.

Shares of Gray Television (NYSE GTN) traded up $0.55 during trading hours on Monday, reaching $16.80. The company had a trading volume of 2,212,004 shares, compared to its average volume of 1,005,333. The firm has a market capitalization of $1,457.83, a P/E ratio of 14.23, a P/E/G ratio of 1.55 and a beta of 3.14. Gray Television has a 1-year low of $9.95 and a 1-year high of $17.05. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11.

Hedge funds have recently modified their holdings of the business. Parametric Portfolio Associates LLC boosted its holdings in shares of Gray Television by 1.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 31,340 shares of the company’s stock valued at $429,000 after purchasing an additional 399 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Gray Television by 0.8% in the 2nd quarter. Sterling Capital Management LLC now owns 58,513 shares of the company’s stock valued at $802,000 after purchasing an additional 440 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Gray Television by 3.2% in the 2nd quarter. Legal & General Group Plc now owns 16,502 shares of the company’s stock valued at $226,000 after purchasing an additional 505 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Gray Television by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 75,994 shares of the company’s stock valued at $1,041,000 after purchasing an additional 535 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its holdings in shares of Gray Television by 0.4% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 373,754 shares of the company’s stock valued at $5,120,000 after purchasing an additional 1,623 shares in the last quarter. 83.57% of the stock is currently owned by hedge funds and other institutional investors.

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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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Earnings History and Estimates for Gray Television (NYSE:GTN)

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