Scopus Asset Management L.P. reduced its position in shares of Gray Television, Inc. (NYSE:GTN) by 23.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 600,000 shares of the company’s stock after selling 186,948 shares during the period. Scopus Asset Management L.P. owned approximately 0.83% of Gray Television worth $8,700,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in GTN. Russell Investments Group Ltd. bought a new stake in shares of Gray Television during the fourth quarter worth $3,039,000. State Street Corp boosted its stake in shares of Gray Television by 0.7% in the fourth quarter. State Street Corp now owns 1,246,593 shares of the company’s stock worth $13,528,000 after buying an additional 8,977 shares during the period. Marshall Wace LLP bought a new stake in shares of Gray Television during the fourth quarter worth $3,931,000. Pacad Investment Ltd. boosted its stake in shares of Gray Television by 166.7% in the fourth quarter. Pacad Investment Ltd. now owns 28,800 shares of the company’s stock worth $312,000 after buying an additional 18,000 shares during the period. Finally, A.R.T. Advisors LLC bought a new stake in shares of Gray Television during the fourth quarter worth $316,000. Hedge funds and other institutional investors own 87.10% of the company’s stock.
Shares of Gray Television, Inc. (GTN) traded up 1.07% during mid-day trading on Monday, hitting $14.20. The stock had a trading volume of 1,498,208 shares. The firm has a market cap of $1.02 billion, a PE ratio of 16.14 and a beta of 3.24. Gray Television, Inc. has a 52 week low of $7.00 and a 52 week high of $15.45. The stock has a 50 day moving average price of $12.89 and a 200 day moving average price of $12.63.
Gray Television (NYSE:GTN) last issued its quarterly earnings results on Thursday, May 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.09. Gray Television had a return on equity of 17.77% and a net margin of 7.57%. The company had revenue of $203.46 million for the quarter, compared to analyst estimates of $194.68 million. During the same quarter last year, the company posted $0.12 EPS. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. Equities research analysts expect that Gray Television, Inc. will post $0.91 EPS for the current fiscal year.
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A number of analysts have weighed in on GTN shares. TheStreet upgraded Gray Television from a “c+” rating to a “b” rating in a research report on Wednesday, March 1st. Singular Research increased their target price on Gray Television from $12.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, March 9th. Royal Bank Of Canada restated a “buy” rating and set a $17.00 target price on shares of Gray Television in a report on Thursday, April 13th. Finally, Benchmark Co. restated a “buy” rating and set a $19.00 target price on shares of Gray Television in a report on Friday, May 5th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $16.50.
About Gray Television
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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