Barrington Research Analysts Raise Earnings Estimates for Gray Television, Inc. (NYSE:GTN)

Gray Television, Inc. (NYSE:GTN - Free Report) - Research analysts at Barrington Research increased their Q2 2024 earnings per share estimates for shares of Gray Television in a report released on Wednesday, May 8th. Barrington Research analyst J. Goss now anticipates that the company will post earnings per share of $0.16 for the quarter, up from their prior forecast of $0.04. Barrington Research currently has a "Market Perform" rating on the stock. The consensus estimate for Gray Television's current full-year earnings is $4.21 per share. Barrington Research also issued estimates for Gray Television's Q3 2024 earnings at $1.52 EPS, Q4 2024 earnings at $2.46 EPS, FY2024 earnings at $4.93 EPS, Q1 2025 earnings at ($0.36) EPS, Q2 2025 earnings at ($0.13) EPS, Q3 2025 earnings at $0.07 EPS, Q4 2025 earnings at $0.26 EPS, FY2025 earnings at ($0.15) EPS and FY2026 earnings at $2.99 EPS.

Gray Television (NYSE:GTN - Get Free Report) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.54 by $0.25. 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 the consensus estimate of $824.98 million. During the same period in the prior year, the firm earned ($0.48) EPS. The business's revenue for the quarter was up 2.7% on a year-over-year basis.

A number of other research analysts have also recently weighed in on GTN. Benchmark lifted their price objective on shares of Gray Television from $11.00 to $13.00 and gave the company a "buy" rating in a report on Wednesday. Wells Fargo & Company increased their price target on shares of Gray Television from $5.50 to $6.00 and gave the stock an "underweight" rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $11.40.

Gray Television Price Performance

GTN stock traded down $0.27 during mid-day trading on Friday, reaching $6.86. The company's stock had a trading volume of 758,690 shares, compared to its average volume of 1,131,416. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.12. Gray Television has a fifty-two week low of $5.44 and a fifty-two week high of $10.69. The company's 50 day moving average is $5.96 and its two-hundred day moving average is $7.39. The stock has a market cap of $666.33 million, a PE ratio of -4.94, a P/E/G ratio of 0.15 and a beta of 1.55.

Gray Television Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.67%. The ex-dividend date is Friday, June 14th. Gray Television's dividend payout ratio is -23.02%.

Insider Activity

In other news, CEO Hilton H. Howell, Jr. purchased 10,000 shares of the business's stock in a transaction that occurred on Thursday, March 28th. The stock was purchased at an average cost of $8.09 per share, with a total value of $80,900.00. Following the acquisition, the chief executive officer now directly owns 2,982,386 shares of the company's stock, valued at approximately $24,127,502.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 13.83% of the company's stock.

Institutional Investors Weigh In On Gray Television

A number of hedge funds and other institutional investors have recently made changes to their positions in GTN. Darsana Capital Partners LP lifted its holdings in Gray Television by 336.8% during the 3rd quarter. Darsana Capital Partners LP now owns 4,000,441 shares of the company's stock valued at $27,683,000 after purchasing an additional 3,084,578 shares during the last quarter. Capital Management Corp VA boosted its position in Gray Television by 27.2% during the 4th quarter. Capital Management Corp VA now owns 3,094,883 shares of the company's stock worth $27,730,000 after buying an additional 661,760 shares during the period. Vanguard Group Inc. grew its position in shares of Gray Television by 9.8% in the 1st quarter. Vanguard Group Inc. now owns 5,662,398 shares of the company's stock valued at $35,786,000 after buying an additional 506,106 shares during the last quarter. CenterBook Partners LP bought a new position in Gray Television during the fourth quarter worth $3,671,000. Finally, Penn Capital Management Company LLC increased its holdings in Gray Television by 26.9% in the fourth quarter. Penn Capital Management Company LLC now owns 1,826,720 shares of the company's stock worth $16,419,000 after purchasing an additional 387,055 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Gray Television Company Profile

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.