Brokerages Expect Gray Television, Inc. (GTN) Will Announce Quarterly Sales of $232.62 Million

Wall Street analysts expect Gray Television, Inc. (NYSE:GTN) to report sales of $232.62 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Gray Television’s earnings, with estimates ranging from $230.50 million to $234.50 million. Gray Television posted sales of $237.62 million during the same quarter last year, which would indicate a negative year over year growth rate of 2.1%. The company is scheduled to report its next earnings report on Wednesday, March 7th.

On average, analysts expect that Gray Television will report full year sales of $232.62 million for the current fiscal year, with estimates ranging from $879.50 million to $883.60 million. For the next financial year, analysts anticipate that the firm will post sales of $1.03 billion per share, with estimates ranging from $1.02 billion to $1.04 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Gray Television.

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

Several equities analysts recently commented on the stock. ValuEngine downgraded shares of Gray Television from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 30th. Zacks Investment Research upgraded shares of Gray Television from a “strong sell” rating to a “hold” rating in a research note on Monday, January 1st. Jefferies Group assumed coverage on shares of Gray Television in a research note on Thursday, December 14th. They issued a “buy” rating and a $18.00 price target on the stock. Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Gray Television in a research note on Tuesday, November 7th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $17.00 price target on shares of Gray Television in a research note on Wednesday, September 27th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $18.43.

In related news, EVP Kevin Paul Latek sold 97,634 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $16.96, for a total transaction of $1,655,872.64. Following the completion of the sale, the executive vice president now owns 219,706 shares of the company’s stock, valued at $3,726,213.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 12.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of GTN. FMR LLC lifted its position in Gray Television by 52.1% during the second quarter. FMR LLC now owns 5,870,039 shares of the company’s stock worth $80,419,000 after purchasing an additional 2,011,342 shares during the period. Royal Bank of Canada lifted its position in Gray Television by 221.6% during the second quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock worth $36,828,000 after purchasing an additional 1,852,301 shares during the period. Hillcrest Asset Management LLC bought a new stake in Gray Television during the third quarter worth about $8,728,000. Thrivent Financial For Lutherans bought a new stake in Gray Television during the second quarter worth about $6,612,000. Finally, JPMorgan Chase & Co. lifted its position in Gray Television by 269.6% during the second quarter. JPMorgan Chase & Co. now owns 461,610 shares of the company’s stock worth $6,323,000 after purchasing an additional 336,726 shares during the period. 67.43% of the stock is owned by institutional investors and hedge funds.

Gray Television (GTN) opened at $17.35 on Friday. The company has a debt-to-equity ratio of 3.11, a current ratio of 3.28 and a quick ratio of 3.28. Gray Television has a one year low of $10.50 and a one year high of $17.50. The company has a market cap of $1,558.92, a PE ratio of 9.59, a P/E/G ratio of 2.27 and a beta of 3.14.

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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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