Gray Television (NYSE:GTN) Posts Earnings Results, Beats Estimates By $0.25 EPS

Gray Television (NYSE:GTN) issued its earnings results on Tuesday. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.25, Briefing.com reports. The business had revenue of $823.00 million during the quarter, compared to analyst estimates of $824.98 million. Gray Television had a negative return on equity of 3.76% and a negative net margin of 2.32%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.48) EPS.

Gray Television Trading Down 1.5 %

Shares of GTN opened at $7.02 on Friday. The firm has a market cap of $682.37 million, a P/E ratio of -5.13, a price-to-earnings-growth ratio of 0.15 and a beta of 1.55. Gray Television has a fifty-two week low of $5.44 and a fifty-two 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. The business has a 50-day moving average of $5.96 and a 200 day moving average of $7.39.

Gray Television Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.56%. Gray Television’s dividend payout ratio is presently -23.02%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GTN shares. Barrington Research reiterated a “market perform” rating on shares of Gray Television in a report on Tuesday, February 27th. Benchmark lifted their target price on shares of Gray Television from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Wells Fargo & Company increased 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. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Gray Television has an average rating of “Hold” and an average target price of $11.40.

Insider Buying and Selling at Gray Television

In other Gray Television news, CEO Hilton H. Howell, Jr. purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were bought at an average cost of $8.09 per share, for a total transaction of $80,900.00. Following the purchase, the chief executive officer now owns 2,982,386 shares of the company’s stock, valued at approximately $24,127,502.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 13.83% of the company’s stock.

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.