Quantitative Investment Management LLC Acquires New Position in Gray Television, Inc. (GTN)

Quantitative Investment Management LLC acquired a new position in Gray Television, Inc. (NYSE:GTN) in the fourth quarter, HoldingsChannel reports. The fund acquired 13,500 shares of the company’s stock, valued at approximately $226,000.

Other large investors have also added to or reduced their stakes in the company. M&T Bank Corp purchased a new stake in Gray Television in the fourth quarter worth about $226,000. Virginia Retirement Systems ET AL lifted its stake in Gray Television by 47.4% in the third quarter. Virginia Retirement Systems ET AL now owns 90,800 shares of the company’s stock worth $1,426,000 after acquiring an additional 29,200 shares during the period. Ameriprise Financial Inc. lifted its stake in Gray Television by 46.0% in the third quarter. Ameriprise Financial Inc. now owns 106,039 shares of the company’s stock worth $1,665,000 after acquiring an additional 33,403 shares during the period. Cascade Investment Advisors Inc. lifted its stake in Gray Television by 34.5% in the fourth quarter. Cascade Investment Advisors Inc. now owns 74,430 shares of the company’s stock worth $1,247,000 after acquiring an additional 19,105 shares during the period. Finally, Adirondack Research & Management Inc. purchased a new stake in Gray Television in the fourth quarter worth about $3,045,000. 85.38% of the stock is owned by institutional investors.

In related news, major shareholder Harriett J. Robinson acquired 8,214 shares of the business’s stock in a transaction dated Thursday, March 15th. The shares were purchased at an average price of $11.60 per share, for a total transaction of $95,282.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 12.00% of the company’s stock.

Shares of GTN stock opened at $12.25 on Friday. The company has a market cap of $1,070.29, a PE ratio of 11.29, a price-to-earnings-growth ratio of 1.49 and a beta of 2.53. Gray Television, Inc. has a 1 year low of $11.70 and a 1 year high of $17.80. The company has a current ratio of 5.08, a quick ratio of 5.08 and a debt-to-equity ratio of 1.84.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.15. The business had revenue of $233.60 million during the quarter, compared to analyst estimates of $232.24 million. Gray Television had a net margin of 29.67% and a return on equity of 11.91%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.49 earnings per share. equities research analysts predict that Gray Television, Inc. will post 1.86 EPS for the current year.

GTN has been the subject of several analyst reports. Guggenheim set a $21.00 price target on shares of Gray Television and gave the company a “buy” rating in a research report on Monday, January 22nd. Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Gray Television in a research report on Thursday, February 15th. Zacks Investment Research raised shares of Gray Television from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 14th. ValuEngine raised shares of Gray Television from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Jefferies Group initiated coverage on shares of Gray Television in a research report on Thursday, December 14th. They set a “buy” rating and a $18.00 price target for the company. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Gray Television currently has a consensus rating of “Buy” and a consensus target price of $19.00.

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Gray Television Company Profile

Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).

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Institutional Ownership by Quarter for Gray Television (NYSE:GTN)

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