Gray Television (NYSE:GTN) Shares Gap Up Following Earnings Beat

Gray Television, Inc. (NYSE:GTN) shares gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $6.66, but opened at $6.97. Gray Television shares last traded at $7.14, with a volume of 215,627 shares changing hands.

The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.25. Gray Television had a negative return on equity of 3.76% and a negative net margin of 2.32%. The company had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $824.98 million. During the same quarter in the previous year, the firm posted ($0.48) EPS. The firm’s revenue was up 2.7% compared to the same quarter last year.

Gray Television Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.49%. The ex-dividend date was Thursday, March 14th. Gray Television’s dividend payout ratio (DPR) is currently -23.02%.

Analyst Upgrades and Downgrades

GTN has been the topic of several recent research reports. Benchmark upped their price target on shares of Gray Television from $11.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday. Barrington Research reiterated a “market perform” rating on shares of Gray Television in a research report on Tuesday, February 27th. Finally, Wells Fargo & Company raised their price objective on shares of Gray Television from $5.50 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $11.40.

Insider Transactions at Gray Television

In related news, CEO Hilton H. Howell, Jr. bought 10,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was acquired at an average price of $8.09 per share, with a total value of $80,900.00. Following the completion of the purchase, the chief executive officer now directly owns 2,982,386 shares of the company’s stock, valued at $24,127,502.74. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 13.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Darsana Capital Partners LP grew its position in Gray Television by 336.8% in the third quarter. Darsana Capital Partners LP now owns 4,000,441 shares of the company’s stock worth $27,683,000 after acquiring an additional 3,084,578 shares during the period. Capital Management Corp VA increased its position in shares of Gray Television by 27.2% during the fourth quarter. Capital Management Corp VA now owns 3,094,883 shares of the company’s stock valued at $27,730,000 after acquiring an additional 661,760 shares during the last quarter. CenterBook Partners LP purchased a new stake in shares of Gray Television in the 4th quarter valued at approximately $3,671,000. Penn Capital Management Company LLC lifted its holdings in shares of Gray Television by 26.9% in the 4th quarter. Penn Capital Management Company LLC now owns 1,826,720 shares of the company’s stock worth $16,419,000 after acquiring an additional 387,055 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Gray Television by 23.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,060,987 shares of the company’s stock worth $14,262,000 after purchasing an additional 386,907 shares during the period. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Television Price Performance

The stock has a market cap of $692.58 million, a price-to-earnings ratio of -5.13, a P/E/G 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. The company’s fifty day moving average is $5.96 and its two-hundred day moving average is $7.39.

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.