Ingalls & Snyder LLC Reduces Stock Position in Gray Television, Inc. (NYSE:GTN)

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Ingalls & Snyder LLC lowered its stake in Gray Television, Inc. (NYSE:GTN) by 6.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,012 shares of the company’s stock after selling 5,254 shares during the quarter. Ingalls & Snyder LLC owned 0.08% of Gray Television worth $1,780,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Gray Television during the 3rd quarter worth $26,008,000. Nuveen Asset Management LLC bought a new stake in shares of Gray Television during the 2nd quarter valued at $19,048,000. BlackRock Inc. raised its position in shares of Gray Television by 8.5% during the 2nd quarter. BlackRock Inc. now owns 6,410,595 shares of the company’s stock valued at $105,070,000 after purchasing an additional 502,687 shares during the period. AQR Capital Management LLC raised its position in shares of Gray Television by 164.3% during the 2nd quarter. AQR Capital Management LLC now owns 426,469 shares of the company’s stock valued at $6,990,000 after purchasing an additional 265,136 shares during the period. Finally, Granahan Investment Management Inc. MA raised its position in shares of Gray Television by 837.9% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 241,218 shares of the company’s stock valued at $3,937,000 after purchasing an additional 215,499 shares during the period. Institutional investors own 86.86% of the company’s stock.

Shares of NYSE GTN opened at $22.44 on Thursday. The company has a debt-to-equity ratio of 2.80, a quick ratio of 2.70 and a current ratio of 2.70. The company has a market cap of $2.18 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.72 and a beta of 2.10. The firm’s fifty day moving average is $20.97 and its two-hundred day moving average is $17.78. Gray Television, Inc. has a 52-week low of $13.60 and a 52-week high of $25.31.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.21. The company had revenue of $517.00 million for the quarter, compared to the consensus estimate of $513.80 million. Gray Television had a net margin of 8.56% and a return on equity of 16.93%. Gray Television’s revenue for the quarter was up 85.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 EPS. As a group, analysts forecast that Gray Television, Inc. will post 0.95 EPS for the current fiscal year.

Several brokerages have recently commented on GTN. Barrington Research raised their price objective on shares of Gray Television from $26.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday. Zacks Investment Research downgraded shares of Gray Television from a “strong-buy” rating to a “hold” rating in a research report on Saturday, January 4th. Wells Fargo & Co began coverage on shares of Gray Television in a research report on Monday, September 23rd. They set an “outperform” rating and a $21.00 price objective on the stock. Finally, ValuEngine upgraded shares of Gray Television from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $24.60.

About Gray Television

Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 28, 2019, it owned and operated television stations in 91 television markets broadcasting approximately 400 program streams, including approximately 150 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.

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

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