Jefferies Financial Group Brokers Boost Earnings Estimates for Gray Television, Inc. (GTN)

Gray Television, Inc. (NYSE:GTN) – Analysts at Jefferies Financial Group increased their FY2018 EPS estimates for Gray Television in a research note issued to investors on Tuesday, November 6th. Jefferies Financial Group analyst J. Janedis now expects that the company will post earnings of $2.22 per share for the year, up from their previous forecast of $1.93. Jefferies Financial Group also issued estimates for Gray Television’s Q4 2018 earnings at $0.83 EPS, Q3 2019 earnings at $0.37 EPS, Q4 2019 earnings at $0.43 EPS and FY2019 earnings at $1.48 EPS.

Several other research firms also recently commented on GTN. Zacks Investment Research raised Gray Television from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Friday. Barrington Research reissued a “buy” rating and issued a $19.00 target price on shares of Gray Television in a report on Tuesday, August 7th. Benchmark boosted their target price on Gray Television from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Wednesday. ValuEngine downgraded Gray Television from a “buy” rating to a “hold” rating in a report on Sunday, October 28th. Finally, Noble Financial set a $23.00 target price on Gray Television and gave the stock a “buy” rating in a report on Wednesday, August 8th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Gray Television currently has an average rating of “Buy” and an average price target of $22.25.

Gray Television stock opened at $19.66 on Friday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 4.69 and a current ratio of 4.69. Gray Television has a 12 month low of $10.70 and a 12 month high of $20.24. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 0.92 and a beta of 2.23.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Tuesday, November 6th. The company reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.09. Gray Television had a return on equity of 15.28% and a net margin of 29.12%. The company had revenue of $279.00 million for the quarter, compared to analyst estimates of $276.52 million. During the same period in the previous year, the company posted $0.21 earnings per share. The firm’s revenue was up 27.4% on a year-over-year basis.

A number of institutional investors have recently added to or reduced their stakes in GTN. HAP Trading LLC bought a new stake in shares of Gray Television in the 3rd quarter valued at approximately $282,000. PNC Financial Services Group Inc. lifted its stake in shares of Gray Television by 168.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the company’s stock valued at $155,000 after purchasing an additional 5,542 shares during the last quarter. Jupiter Asset Management Ltd. lifted its stake in shares of Gray Television by 2.1% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 391,348 shares of the company’s stock valued at $6,829,000 after purchasing an additional 8,031 shares during the last quarter. AXA bought a new stake in shares of Gray Television in the 3rd quarter valued at approximately $3,451,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Gray Television by 28.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 508,110 shares of the company’s stock valued at $8,891,000 after purchasing an additional 112,742 shares during the last quarter. 88.60% of the stock is currently owned by institutional investors and hedge funds.

Gray Television Company Profile

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.

Further Reading: Cost of Capital

Earnings History and Estimates for Gray Television (NYSE:GTN)

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