Gray Television (NYSE:GTN) Releases Earnings Results

Gray Television (NYSE:GTN) announced its quarterly earnings data on Tuesday. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.25, Briefing.com reports. Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The business had revenue of $823.00 million for the quarter, compared to analyst estimates of $824.98 million. During the same period last year, the business earned ($0.48) EPS. The company’s revenue was up 2.7% on a year-over-year basis.

Gray Television Price Performance

GTN stock traded up $0.08 during trading on Wednesday, reaching $6.78. 748,619 shares of the company were exchanged, compared to its average volume of 1,126,636. The stock’s 50 day moving average price is $5.91 and its 200 day moving average price is $7.39. The company has a market cap of $659.02 million, a P/E ratio of -4.79, a PEG ratio of 0.15 and a beta of 1.55. Gray Television has a 52-week low of $5.44 and a 52-week high of $10.69. The company has a debt-to-equity ratio of 3.12, a quick ratio of 1.18 and a current ratio of 1.18.

Gray Television Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.72%. Gray Television’s dividend payout ratio is presently -23.02%.

Insiders Place Their Bets

In other news, CEO Hilton H. Howell, Jr. acquired 10,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was acquired at an average price of $8.09 per share, with a total value of $80,900.00. Following the completion of the transaction, the chief executive officer now directly owns 2,982,386 shares in the company, valued at approximately $24,127,502.74. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 13.83% of the stock is owned by company insiders.

Analyst Ratings Changes

GTN has been the subject of several research reports. Benchmark boosted their target price on Gray Television from $11.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company boosted their price target on Gray Television from $5.50 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday. Finally, Barrington Research reissued a “market perform” rating on shares of Gray Television in a report on Tuesday, February 27th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Gray Television presently has a consensus rating of “Hold” and an average price target of $11.40.

About Gray Television

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.