Gray Television (GTN) Expected to Announce Quarterly Sales of $252.21 Million

Brokerages expect Gray Television (NYSE:GTN) to post sales of $252.21 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Gray Television’s earnings. The lowest sales estimate is $251.40 million and the highest is $252.84 million. Gray Television posted sales of $226.68 million in the same quarter last year, which suggests a positive year over year growth rate of 11.3%. The firm is expected to issue its next quarterly earnings results on Tuesday, August 14th.

On average, analysts expect that Gray Television will report full year sales of $1.05 billion for the current fiscal year, with estimates ranging from $1.04 billion to $1.06 billion. For the next year, analysts anticipate that the company will report sales of $982.70 million per share, with estimates ranging from $951.38 million to $1.00 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Gray Television.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Tuesday, May 8th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.07. The firm had revenue of $226.26 million during the quarter, compared to analyst estimates of $225.41 million. Gray Television had a net margin of 29.97% and a return on equity of 11.06%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.14 EPS.



A number of research firms have recently commented on GTN. Zacks Investment Research upgraded shares of Gray Television from a “hold” rating to a “strong-buy” rating and set a $13.00 price target for the company in a research report on Tuesday. Noble Financial restated a “buy” rating on shares of Gray Television in a research report on Thursday, May 10th. Benchmark restated a “buy” rating and set a $20.00 price target on shares of Gray Television in a research report on Thursday, May 3rd. ValuEngine lowered shares of Gray Television from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Finally, TheStreet lowered shares of Gray Television from a “b-” rating to a “c” rating in a research report on Thursday, April 26th. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Gray Television currently has an average rating of “Buy” and an average target price of $18.29.

Shares of Gray Television remained flat at $$11.40 during mid-day trading on Friday, according to MarketBeat. 1,205,096 shares of the stock were exchanged, compared to its average volume of 1,161,910. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 9.74, a P/E/G ratio of 0.96 and a beta of 2.49. The company has a debt-to-equity ratio of 1.85, a current ratio of 6.46 and a quick ratio of 6.46. Gray Television has a 12-month low of $10.70 and a 12-month high of $17.80.

In related news, major shareholder Harriett J. Robinson bought 8,214 shares of the business’s stock in a transaction that occurred on Thursday, March 15th. The stock was bought at an average cost of $11.60 per share, for a total transaction of $95,282.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 9.98% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in GTN. Bank of Montreal Can grew its position in Gray Television by 9.1% in the fourth quarter. Bank of Montreal Can now owns 174,321 shares of the company’s stock worth $2,920,000 after acquiring an additional 14,475 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Gray Television by 37.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 537,167 shares of the company’s stock worth $8,998,000 after purchasing an additional 146,553 shares during the last quarter. James Investment Research Inc. lifted its stake in Gray Television by 312.5% in the fourth quarter. James Investment Research Inc. now owns 242,484 shares of the company’s stock worth $4,062,000 after purchasing an additional 183,694 shares during the last quarter. SG Americas Securities LLC lifted its stake in Gray Television by 39.3% in the fourth quarter. SG Americas Securities LLC now owns 14,492 shares of the company’s stock worth $243,000 after purchasing an additional 4,086 shares during the last quarter. Finally, Dupont Capital Management Corp lifted its stake in Gray Television by 182.3% in the fourth quarter. Dupont Capital Management Corp now owns 131,896 shares of the company’s stock worth $2,209,000 after purchasing an additional 85,179 shares during the last quarter. Institutional investors own 83.52% 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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Earnings History and Estimates for Gray Television (NYSE:GTN)

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