Gray Television (NYSE:GTN) Releases Earnings Results, Beats Estimates By $0.09 EPS

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Gray Television (NYSE:GTN) announced its earnings results on Sunday. The company reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.09, reports. Gray Television had a return on equity of 18.71% and a net margin of 12.91%. The company had revenue of $544.00 million for the quarter, compared to analysts’ expectations of $532.96 million. During the same period last year, the firm earned $0.41 EPS. Gray Television’s revenue for the quarter was up 1.9% compared to the same quarter last year.

NYSE:GTN traded down $0.70 on Tuesday, reaching $21.47. 1,534,910 shares of the company’s stock traded hands, compared to its average volume of 674,681. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 2.37. The stock has a 50-day simple moving average of $19.57 and a 200-day simple moving average of $17.83. The firm has a market cap of $2.05 billion, a PE ratio of 9.21, a P/E/G ratio of 1.17 and a beta of 2.06. Gray Television has a 12 month low of $11.02 and a 12 month high of $23.25.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 31st. Shareholders of record on Monday, March 15th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, March 12th. This represents a $0.32 dividend on an annualized basis and a yield of 1.49%. Gray Television’s dividend payout ratio is presently 25.20%.

A number of equities analysts recently commented on GTN shares. Loop Capital raised their target price on Gray Television from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, January 5th. Zacks Investment Research raised Gray Television from a “sell” rating to a “hold” rating in a report on Thursday, March 4th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $21.00.

In other Gray Television news, EVP Kevin Paul Latek sold 13,265 shares of the firm’s stock in a transaction dated Wednesday, February 24th. The stock was sold at an average price of $20.17, for a total transaction of $267,555.05. Following the sale, the executive vice president now directly owns 288,721 shares of the company’s stock, valued at $5,823,502.57. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 76,350 shares of company stock worth $1,497,227. Insiders own 10.27% of the company’s stock.

About Gray Television

Gray Television, Inc, a television broadcast company, owns and/or operates television stations and digital assets in the United States. The company also broadcasts secondary digital channels affiliated to ABC, CBS, and FOX, as well as channels affiliated with various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Justice, Circle, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.

Further Reading: Limitations of the P/E Growth ratio

Earnings History for Gray Television (NYSE:GTN)

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