Gray Television, Inc. (GTN) To Go Ex-Dividend on December 13th

Gray Television, Inc. (NYSE:GTN) declared a quarterly dividend on Friday, November 8th,Zacks Dividends reports. Investors of record on Friday, December 13th will be given a dividend of 0.08 per share on Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 7.48%. The ex-dividend date of this dividend is Friday, December 13th.

Gray Television has a dividend payout ratio of -49.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Gray Television to earn ($0.86) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -37.2%.

Gray Television Trading Down 26.1 %

NYSE GTN opened at $4.28 on Friday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market capitalization of $426.57 million, a price-to-earnings ratio of 2.85, a price-to-earnings-growth ratio of 0.14 and a beta of 1.47. The company’s 50-day simple moving average is $5.30 and its two-hundred day simple moving average is $5.46. Gray Television has a one year low of $3.95 and a one year high of $10.07.

Gray Television (NYSE:GTN) last posted its earnings results on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The business had revenue of $950.00 million for the quarter, compared to analysts’ expectations of $967.49 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period last year, the business posted ($0.57) EPS. Equities analysts forecast that Gray Television will post 4.37 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on GTN. Wells Fargo & Company cut their target price on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a research report on Friday, August 9th. Guggenheim cut their target price on shares of Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Benchmark cut their price objective on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $8.33.

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.