Barrington Research Comments on Gray Television Inc.’s FY2016 Earnings (GTN)
Gray Television Inc. (NYSE:GTN) – Stock analysts at Barrington Research reduced their FY2016 earnings per share (EPS) estimates for shares of Gray Television in a report issued on Tuesday. Barrington Research analyst J. Goss now forecasts that the brokerage will earn $1.11 per share for the year, down from their prior forecast of $1.50. Barrington Research also issued estimates for Gray Television’s Q4 2016 earnings at $0.49 EPS, Q1 2017 earnings at $0.13 EPS and FY2018 earnings at $1.25 EPS.
Gray Television (NYSE:GTN) last released its earnings results on Tuesday, November 8th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by $0.13. The company had revenue of $204.50 million for the quarter, compared to the consensus estimate of $220.35 million. Gray Television had a net margin of 5.57% and a return on equity of 13.68%. The business’s revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share.
A number of other research analysts have also commented on the company. Zacks Investment Research raised Gray Television from a “sell” rating to a “hold” rating in a research report on Friday, August 26th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Gray Television in a research report on Monday, September 26th. Finally, TheStreet lowered Gray Television from a “buy” rating to a “hold” rating in a research report on Monday, October 31st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $17.67.
Shares of Gray Television (NYSE:GTN) opened at 9.55 on Thursday. Gray Television has a 52-week low of $7.00 and a 52-week high of $17.70. The company 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 price is $9.36 and its 200-day moving average price is $10.72.
In other news, Director Harriett J. Robinson bought 12,000 shares of Gray Television stock in a transaction on Thursday, November 10th. The shares were purchased at an average price of $7.62 per share, for a total transaction of $91,440.00. Following the acquisition, the director now owns 986,653 shares of the company’s stock, valued at $7,518,295.86. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harriett J. Robinson bought 6,100 shares of Gray Television stock in a transaction on Wednesday, November 16th. The shares were purchased at an average price of $9.55 per share, for a total transaction of $58,255.00. Following the acquisition, the director now directly owns 992,753 shares in the company, valued at approximately $9,480,791.15. The disclosure for this purchase can be found here. Company insiders own 11.77% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of GTN. Price T Rowe Associates Inc. MD increased its position in Gray Television by 5.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 720,500 shares of the company’s stock worth $7,464,000 after buying an additional 39,000 shares during the period. LPL Financial LLC increased its position in Gray Television by 144.6% in the third quarter. LPL Financial LLC now owns 60,284 shares of the company’s stock worth $646,000 after buying an additional 35,636 shares during the period. Credit Suisse AG increased its position in Gray Television by 86.0% in the third quarter. Credit Suisse AG now owns 290,336 shares of the company’s stock worth $3,008,000 after buying an additional 134,231 shares during the period. Verition Fund Management LLC purchased a new position in Gray Television during the third quarter worth $211,000. Finally, Scopus Asset Management L.P. purchased a new position in Gray Television during the third quarter worth $8,319,000. Hedge funds and other institutional investors own 82.35% of the company’s stock.
Gray Television Company Profile
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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