Gray Television, Inc. (NYSE:GTN - Get Rating) - Equities research analysts at Barrington Research raised their Q2 2022 earnings per share estimates for shares of Gray Television in a research note issued to investors on Thursday, May 12th. Barrington Research analyst J. Goss now expects that the company will post earnings per share of $0.77 for the quarter, up from their prior estimate of $0.49. Barrington Research also issued estimates for Gray Television's Q1 2023 earnings at $0.49 EPS and FY2023 earnings at $2.65 EPS.
GTN has been the subject of several other reports. Loop Capital boosted their price objective on shares of Gray Television from $30.00 to $33.00 and gave the company a "buy" rating in a research note on Monday, March 7th. Wells Fargo & Company upped their price target on shares of Gray Television from $26.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, February 28th. StockNews.com raised shares of Gray Television from a "sell" rating to a "hold" rating in a research report on Tuesday, May 10th. Finally, Zacks Investment Research raised shares of Gray Television from a "hold" rating to a "strong-buy" rating and set a $22.00 price target for the company in a research report on Friday.
Shares of NYSE GTN opened at $19.54 on Monday. Gray Television has a 52-week low of $18.14 and a 52-week high of $25.24. The firm has a fifty day moving average of $21.21 and a 200-day moving average of $21.47. The stock has a market capitalization of $1.86 billion, a PE ratio of 30.53, a P/E/G ratio of 0.42 and a beta of 1.73. The company has a quick ratio of 2.51, a current ratio of 2.80 and a debt-to-equity ratio of 3.74. Gray Television (NYSE:GTN - Get Rating) last released its earnings results on Friday, May 6th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.37 by $0.15. The firm had revenue of $827.00 million during the quarter, compared to analysts' expectations of $805.23 million. Gray Television had a net margin of 4.19% and a return on equity of 6.35%. Gray Television's revenue for the quarter was up 52.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 EPS.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be paid a $0.08 dividend. The ex-dividend date is Tuesday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.64%. Gray Television's dividend payout ratio (DPR) is presently 50.00%.
In related news, CFO James C. Ryan sold 50,000 shares of the business's stock in a transaction dated Tuesday, March 1st. The shares were sold at an average price of $23.75, for a total transaction of $1,187,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robin Robinson Howell acquired 3,000 shares of the stock in a transaction that occurred on Wednesday, May 11th. The shares were acquired at an average cost of $19.00 per share, with a total value of $57,000.00. Following the transaction, the director now owns 1,692,554 shares in the company, valued at $32,158,526. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 213,055 shares of company stock worth $4,785,642. Company insiders own 4.80% of the company's stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of GTN. Nisa Investment Advisors LLC bought a new position in Gray Television in the 1st quarter worth about $26,000. Allworth Financial LP bought a new position in shares of Gray Television in the first quarter valued at approximately $28,000. Arcadia Investment Management Corp MI bought a new position in shares of Gray Television in the first quarter valued at approximately $36,000. UMB Bank N A MO bought a new position in shares of Gray Television in the first quarter valued at approximately $39,000. Finally, Prospera Financial Services Inc bought a new position in shares of Gray Television in the first quarter valued at approximately $44,000. Hedge funds and other institutional investors own 75.11% of the company's stock.
Gray Television Company Profile (Get Rating)
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, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.
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