Gray Television Inc. Expected to Post Q2 2017 Earnings of $0.25 Per Share (GTN)
Gray Television Inc. (NYSE:GTN) – Equities researchers at Barrington Research raised their Q2 2017 EPS estimates for Gray Television in a research note issued on Tuesday. Barrington Research analyst J. Goss now forecasts that the firm will post earnings of $0.25 per share for the quarter, up from their prior estimate of $0.20. Barrington Research also issued estimates for Gray Television’s Q4 2017 earnings at $0.25 EPS and FY2017 earnings at $0.85 EPS.
Gray Television (NYSE:GTN) last announced its quarterly earnings results on Tuesday, November 8th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by $0.13. The company had revenue of $204.50 million for the quarter, compared to analyst estimates of $220.35 million. Gray Television had a return on equity of 13.68% and a net margin of 5.57%. The firm’s quarterly revenue was up 35.3% on a year-over-year basis. During the same quarter last year, the company posted $0.18 earnings per share.
Several other brokerages have also issued reports on GTN. Zacks Investment Research upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research note on Monday, September 5th. Wells Fargo & Co. restated a “buy” rating on shares of Gray Television in a research note on Monday, September 26th. Finally, TheStreet lowered shares of Gray Television from a “buy” rating to a “hold” rating in a research note on Monday, October 31st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Gray Television currently has a consensus rating of “Buy” and an average target price of $18.75.
Gray Television (NYSE:GTN) opened at 9.55 on Wednesday. Gray Television has a one year low of $7.00 and a one year high of $17.70. The firm has a market capitalization of $686.44 million, a P/E ratio of 16.90 and a beta of 3.25. The stock’s 50 day moving average is $9.38 and its 200 day moving average is $10.74.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS Oconnor LLC increased its position in shares of Gray Television by 699.6% in the third quarter. UBS Oconnor LLC now owns 2,910,861 shares of the company’s stock valued at $30,157,000 after buying an additional 2,546,804 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of Gray Television during the second quarter valued at approximately $12,499,000. Scopus Asset Management L.P. purchased a new position in shares of Gray Television during the third quarter valued at approximately $8,319,000. Neuberger Berman Group LLC increased its position in shares of Gray Television by 15.3% in the second quarter. Neuberger Berman Group LLC now owns 5,141,017 shares of the company’s stock valued at $55,780,000 after buying an additional 682,000 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Gray Television by 75.2% in the second quarter. Bank of New York Mellon Corp now owns 1,553,300 shares of the company’s stock valued at $16,853,000 after buying an additional 666,644 shares during the last quarter. 82.35% of the stock is owned by hedge funds and other institutional investors.
In other Gray Television news, Director Harriett J. Robinson acquired 12,000 shares of Gray Television stock in a transaction that occurred on Thursday, November 10th. The stock was acquired at an average cost of $7.62 per share, for a total transaction of $91,440.00. Following the purchase, the director now owns 986,653 shares of the company’s stock, valued at $7,518,295.86. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.77% of the stock is currently owned by corporate insiders.
About Gray Television
Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in markets across the United States. The Company owns and/or operates television stations in approximately 50 television markets broadcasting over 180 separate programming streams, including approximately 40 affiliates of the CBS Network (CBS), over 30 affiliates of the NBC Network (NBC), approximately 20 affiliates of the ABC Network (ABC) and over 10 affiliates of the FOX Network (FOX).
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