Gray Television, Inc. (NYSE:GTN) – Analysts at Jefferies Financial Group lifted their Q3 2020 EPS estimates for shares of Gray Television in a report issued on Tuesday, November 6th. Jefferies Financial Group analyst J. Janedis now anticipates that the company will post earnings of $0.80 per share for the quarter, up from their previous forecast of $0.73. Jefferies Financial Group also issued estimates for Gray Television’s FY2020 earnings at $2.76 EPS.
Gray Television (NYSE:GTN) last released its quarterly earnings results on Tuesday, November 6th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.09. Gray Television had a return on equity of 14.95% and a net margin of 29.12%. The company had revenue of $279.00 million during the quarter, compared to analysts’ expectations of $276.52 million. During the same quarter in the prior year, the business posted $0.21 earnings per share. The company’s revenue for the quarter was up 27.4% compared to the same quarter last year.
Several other research analysts have also recently issued reports on the company. Zacks Investment Research raised Gray Television from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Friday. Noble Financial reissued a “buy” rating on shares of Gray Television in a research note on Wednesday. Benchmark increased their price target on Gray Television from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday. ValuEngine cut Gray Television from a “buy” rating to a “hold” rating in a research note on Sunday, October 28th. Finally, Barrington Research reissued a “buy” rating and issued a $19.00 price target on shares of Gray Television in a research note on Tuesday, August 7th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Gray Television presently has a consensus rating of “Buy” and an average target price of $22.25.
NYSE:GTN opened at $19.66 on Thursday. Gray Television has a 1 year low of $10.70 and a 1 year high of $20.24. The firm has a market capitalization of $1.73 billion, a PE ratio of 10.93, a price-to-earnings-growth ratio of 0.97 and a beta of 2.23. The company has a quick ratio of 4.69, a current ratio of 6.32 and a debt-to-equity ratio of 1.64.
A number of hedge funds have recently made changes to their positions in GTN. Meeder Asset Management Inc. boosted its stake in Gray Television by 1,231.2% during the third quarter. Meeder Asset Management Inc. now owns 7,974 shares of the company’s stock valued at $139,000 after buying an additional 7,375 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Gray Television by 168.0% during the third quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the company’s stock valued at $155,000 after buying an additional 5,542 shares in the last quarter. Aperio Group LLC bought a new position in Gray Television during the second quarter valued at about $177,000. Xact Kapitalforvaltning AB bought a new position in Gray Television during the first quarter valued at about $187,000. Finally, Financial Counselors Inc. bought a new position in Gray Television during the third quarter valued at about $194,000. 88.60% of the stock is owned by institutional investors and hedge funds.
About Gray Television
Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.
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