Gray Television (NYSE:GTN) Issues Earnings Results

Gray Television (NYSE:GTN - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.54 by $0.25, Briefing.com reports. 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 during the quarter, compared to analyst estimates of $824.98 million. During the same quarter last year, the business earned ($0.48) earnings per share. Gray Television's quarterly revenue was up 2.7% compared to the same quarter last year.

Gray Television Trading Up 0.6 %

Shares of NYSE GTN traded up $0.04 during mid-day trading on Wednesday, reaching $6.74. The company had a trading volume of 1,219,444 shares, compared to its average volume of 1,132,141. Gray Television has a 52 week low of $5.44 and a 52 week high of $10.69. The business's 50-day moving average is $5.91 and its 200-day moving average is $7.39. The stock has a market cap of $655.13 million, a price-to-earnings ratio of -4.79, a price-to-earnings-growth ratio of 0.15 and a beta of 1.55. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 4.75%. Gray Television's dividend payout ratio (DPR) is -23.02%.

Insider Buying and Selling at Gray Television

In related news, CEO Hilton H. Howell, Jr. bought 10,000 shares of Gray Television stock in a transaction dated Thursday, March 28th. The shares were acquired at an average cost of $8.09 per share, with a total value of $80,900.00. Following the completion of the transaction, the chief executive officer now owns 2,982,386 shares in the company, valued at approximately $24,127,502.74. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 13.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GTN has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on shares of Gray Television from $5.50 to $6.00 and gave the company an "underweight" rating in a report on Wednesday. Benchmark lifted their target price on Gray Television from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Barrington Research restated a "market perform" rating on shares of Gray Television in a report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $11.40.

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.