Gray Television, Inc. (NYSE:GTN) Forecasted to Earn FY2023 Earnings of ($1.40) Per Share

Gray Television, Inc. (NYSE:GTN) – Investment analysts at Barrington Research decreased their FY2023 earnings per share (EPS) estimates for Gray Television in a report released on Tuesday, November 14th. Barrington Research analyst J. Goss now anticipates that the company will post earnings per share of ($1.40) for the year, down from their prior forecast of ($0.65). Barrington Research currently has a “Outperform” rating and a $12.00 target price on the stock. The consensus estimate for Gray Television’s current full-year earnings is ($0.74) per share. Barrington Research also issued estimates for Gray Television’s Q4 2023 earnings at ($0.25) EPS, Q3 2024 earnings at $1.09 EPS and Q4 2024 earnings at $2.13 EPS.

Other equities analysts have also recently issued reports about the company. Guggenheim reduced their target price on Gray Television from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, August 8th. Wells Fargo & Company lowered their target price on Gray Television from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Thursday, November 9th. StockNews.com assumed coverage on Gray Television in a research report on Thursday, October 5th. They set a “sell” rating for the company. TheStreet lowered shares of Gray Television from a “c” rating to a “d+” rating in a research note on Friday, November 10th. Finally, Stephens reaffirmed an “equal weight” rating and set a $12.00 target price on shares of Gray Television in a research note on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.60.

Gray Television Trading Down 2.7 %

NYSE GTN opened at $7.69 on Friday. The firm has a market cap of $734.09 million, a PE ratio of 10.53 and a beta of 1.68. Gray Television has a 1-year low of $5.97 and a 1-year high of $14.40. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 3.08. The stock has a 50-day moving average of $6.86 and a 200-day moving average of $7.63.

Gray Television (NYSE:GTN) last issued its earnings results on Wednesday, November 8th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.26). The firm had revenue of $803.00 million during the quarter, compared to analysts’ expectations of $798.46 million. Gray Television had a return on equity of 5.78% and a net margin of 3.41%. The firm’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.03 EPS.

Institutional Investors Weigh In On Gray Television

Several large investors have recently bought and sold shares of GTN. Captrust Financial Advisors grew its holdings in shares of Gray Television by 219.5% in the second quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock worth $26,000 after acquiring an additional 1,069 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of Gray Television during the 3rd quarter valued at about $41,000. Quarry LP increased its position in shares of Gray Television by 460.6% during the 1st quarter. Quarry LP now owns 5,432 shares of the company’s stock valued at $47,000 after purchasing an additional 4,463 shares during the last quarter. Mariner LLC purchased a new stake in shares of Gray Television during the 3rd quarter valued at about $70,000. Finally, Acadian Asset Management LLC bought a new position in shares of Gray Television in the 2nd quarter worth approximately $73,000. 77.01% of the stock is currently owned by institutional investors.

Gray Television Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.32 annualized dividend and a dividend yield of 4.16%. Gray Television’s dividend payout ratio (DPR) is presently 43.84%.

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, Antenna TV, Telemundo, and Cozi; and local news/weather channels in various markets.