Gray Television, Inc. (NYSE:GTN) – Analysts at Barrington Research cut their Q1 2018 EPS estimates for Gray Television in a research report issued on Friday. Barrington Research analyst J. Goss now forecasts that the company will earn $0.17 per share for the quarter, down from their previous forecast of $0.26. Barrington Research has a “Buy” rating and a $22.00 price objective on the stock. Barrington Research also issued estimates for Gray Television’s Q2 2018 earnings at $0.41 EPS, Q3 2018 earnings at $0.45 EPS, FY2018 earnings at $1.80 EPS, Q1 2019 earnings at $0.16 EPS, Q2 2019 earnings at $0.40 EPS, Q3 2019 earnings at $0.31 EPS, Q4 2019 earnings at $0.38 EPS, FY2019 earnings at $1.25 EPS and FY2020 earnings at $2.30 EPS.
GTN has been the topic of several other reports. Zacks Investment Research cut shares of Gray Television from a “hold” rating to a “sell” rating in a report on Wednesday, February 28th. ValuEngine cut shares of Gray Television from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 30th. Noble Financial restated a “buy” rating on shares of Gray Television in a report on Monday, March 5th. Guggenheim restated a “buy” rating and set a $20.00 price target on shares of Gray Television in a report on Thursday, March 1st. Finally, Jefferies Group started coverage on shares of Gray Television in a report on Thursday, December 14th. They set a “buy” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Gray Television presently has a consensus rating of “Buy” and an average price target of $19.00.
Gray Television (NYSE:GTN) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.15. Gray Television had a net margin of 29.67% and a return on equity of 11.91%. The firm had revenue of $233.60 million for the quarter, compared to analysts’ expectations of $232.24 million. During the same period in the previous year, the company posted $0.49 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year.
Hedge funds have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC acquired a new stake in shares of Gray Television in the 4th quarter valued at $167,000. SG Americas Securities LLC acquired a new stake in shares of Gray Television in the 3rd quarter valued at $163,000. Macquarie Group Ltd. acquired a new stake in shares of Gray Television in the 3rd quarter valued at $166,000. Tower Research Capital LLC TRC lifted its stake in shares of Gray Television by 77.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,758 shares of the company’s stock valued at $180,000 after purchasing an additional 4,706 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Gray Television in the 3rd quarter valued at $175,000. 85.97% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Kevin Paul Latek sold 97,634 shares of Gray Television stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $16.96, for a total value of $1,655,872.64. Following the completion of the sale, the executive vice president now owns 219,706 shares of the company’s stock, valued at approximately $3,726,213.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.00% of the stock is currently owned by insiders.
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About Gray Television
Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).
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