Equities research analysts predict that Gray Television, Inc. (NYSE:GTN) will post sales of $321.83 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Gray Television’s earnings, with estimates ranging from $321.10 million to $322.40 million. Gray Television posted sales of $233.61 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 37.8%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, February 26th.
On average, analysts expect that Gray Television will report full year sales of $1.08 billion for the current year. For the next year, analysts anticipate that the business will post sales of $984.83 million, with estimates ranging from $951.40 million to $1.01 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Gray Television.
Gray Television (NYSE:GTN) last announced its quarterly earnings results on Tuesday, November 6th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.09. Gray Television had a net margin of 29.12% and a return on equity of 14.95%. The firm had revenue of $279.00 million during the quarter, compared to analysts’ expectations of $276.52 million. During the same period in the prior year, the company earned $0.21 EPS. The firm’s revenue was up 27.4% on a year-over-year basis.
A number of analysts recently weighed in on GTN shares. Noble Financial reaffirmed a “buy” rating on shares of Gray Television in a research report on Wednesday, November 7th. Benchmark upped their price target on shares of Gray Television from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Wednesday, November 7th. Zacks Investment Research upgraded shares of Gray Television from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Friday, November 9th. ValuEngine lowered shares of Gray Television from a “buy” rating to a “hold” rating in a report on Sunday, October 28th. Finally, Wolfe Research assumed coverage on shares of Gray Television in a report on Friday. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $22.25.
Shares of Gray Television stock opened at $17.28 on Friday. The company has a debt-to-equity ratio of 1.64, a current ratio of 6.32 and a quick ratio of 6.32. Gray Television has a twelve month low of $10.70 and a twelve month high of $20.24. The firm has a market cap of $1.55 billion, a P/E ratio of 14.77, a price-to-earnings-growth ratio of 0.80 and a beta of 2.08.
A number of hedge funds have recently modified their holdings of GTN. Meeder Asset Management Inc. raised its stake in shares of Gray Television by 1,231.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,974 shares of the company’s stock valued at $139,000 after purchasing an additional 7,375 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Gray Television by 168.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the company’s stock valued at $155,000 after purchasing an additional 5,542 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Gray Television in the 3rd quarter valued at about $180,000. Financial Counselors Inc. acquired a new stake in shares of Gray Television in the 3rd quarter valued at about $194,000. Finally, Aperio Group LLC acquired a new stake in shares of Gray Television in the 2nd quarter valued at about $177,000. Hedge funds and other institutional investors own 86.51% of the company’s stock.
About Gray Television
Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.
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