$232.62 Million in Sales Expected for Gray Television, Inc. (GTN) This Quarter

Brokerages forecast that Gray Television, Inc. (NYSE:GTN) will announce $232.62 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Gray Television’s earnings. The highest sales estimate is $234.50 million and the lowest is $230.50 million. Gray Television reported sales of $237.62 million during the same quarter last year, which indicates a negative year-over-year growth rate of 2.1%. The business is scheduled to issue its next earnings report before the market opens on Tuesday, February 27th.

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 $879.60 million to $883.60 million. For the next financial year, analysts expect 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 sell-side research firms that follow Gray Television.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Monday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.01). The company had revenue of $219.00 million for the quarter, compared to analyst estimates of $218.78 million. Gray Television had a return on equity of 10.58% and a net margin of 6.99%. The company’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share.

Several equities research analysts have issued reports on the stock. Guggenheim set a $21.00 price objective on shares of Gray Television and gave the stock a “buy” rating in a research report on Monday, January 22nd. ValuEngine upgraded shares of Gray Television from a “hold” rating to a “buy” rating in a research report on Friday. Zacks Investment Research downgraded shares of Gray Television from a “hold” rating to a “strong sell” rating in a research report on Friday, December 15th. Jefferies Group assumed coverage on shares of Gray Television in a research report on Thursday, December 14th. They set a “buy” rating and a $18.00 price objective for the company. Finally, Benchmark restated a “buy” rating and set a $21.00 price objective on shares of Gray Television in a research report on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Gray Television presently has a consensus rating of “Buy” and a consensus target price of $18.57.

In other news, EVP Kevin Paul Latek sold 97,634 shares of Gray Television stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $16.96, for a total value of $1,655,872.64. Following the completion of the sale, the executive vice president now directly owns 219,706 shares in the company, valued at $3,726,213.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 12.00% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stoneridge Investment Partners LLC acquired a new stake in shares of Gray Television in the fourth quarter valued at approximately $593,000. Stephens Inc. AR acquired a new stake in shares of Gray Television in the fourth quarter valued at approximately $209,000. Alambic Investment Management L.P. acquired a new stake in shares of Gray Television in the fourth quarter valued at approximately $412,000. Delphi Management Inc. MA raised its position in shares of Gray Television by 34.0% in the fourth quarter. Delphi Management Inc. MA now owns 46,930 shares of the company’s stock valued at $786,000 after buying an additional 11,900 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Gray Television by 2.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,457,682 shares of the company’s stock valued at $41,166,000 after buying an additional 49,506 shares in the last quarter. Institutional investors own 68.12% of the company’s stock.

Shares of Gray Television (NYSE:GTN) opened at $15.70 on Tuesday. The company has a current ratio of 3.28, a quick ratio of 3.28 and a debt-to-equity ratio of 3.11. The stock has a market cap of $1,400.00, a P/E ratio of 8.63, a price-to-earnings-growth ratio of 2.08 and a beta of 2.46. Gray Television has a 1 year low of $11.65 and a 1 year high of $17.80.

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About Gray Television

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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