Adirondack Research & Management Inc. Sells 6,400 Shares of Gray Television, Inc. (NYSE:GTN)

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Adirondack Research & Management Inc. reduced its stake in Gray Television, Inc. (NYSE:GTN) by 6.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 91,236 shares of the company’s stock after selling 6,400 shares during the period. Gray Television makes up 1.7% of Adirondack Research & Management Inc.’s portfolio, making the stock its 26th largest holding. Adirondack Research & Management Inc. owned approximately 0.09% of Gray Television worth $1,273,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Clearbridge Investments LLC boosted its stake in shares of Gray Television by 35.2% during the 1st quarter. Clearbridge Investments LLC now owns 4,420,098 shares of the company’s stock worth $47,472,000 after purchasing an additional 1,151,804 shares during the period. Granahan Investment Management Inc. MA raised its holdings in shares of Gray Television by 350.8% in the 1st quarter. Granahan Investment Management Inc. MA now owns 870,276 shares of the company’s stock valued at $9,347,000 after purchasing an additional 677,212 shares in the last quarter. Waddell & Reed Financial Inc. raised its holdings in shares of Gray Television by 123.9% in the 1st quarter. Waddell & Reed Financial Inc. now owns 1,039,745 shares of the company’s stock valued at $11,167,000 after purchasing an additional 575,419 shares in the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of Gray Television in the 2nd quarter valued at about $4,449,000. Finally, Denali Advisors LLC bought a new stake in shares of Gray Television in the 2nd quarter valued at about $2,867,000. Institutional investors own 81.41% of the company’s stock.

NYSE:GTN traded up $0.22 during trading hours on Friday, reaching $14.57. 604,948 shares of the company were exchanged, compared to its average volume of 643,344. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 2.58. The stock’s 50-day moving average is $14.90 and its 200-day moving average is $13.93. The firm has a market cap of $1.41 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 0.52 and a beta of 1.89. Gray Television, Inc. has a twelve month low of $8.53 and a twelve month high of $23.07.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.06. The company had revenue of $451.00 million during the quarter, compared to analysts’ expectations of $440.85 million. Gray Television had a net margin of 9.80% and a return on equity of 14.00%. The firm’s revenue for the quarter was down 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. As a group, research analysts anticipate that Gray Television, Inc. will post 2.79 EPS for the current year.

Several research firms have recently commented on GTN. Noble Financial restated a “buy” rating on shares of Gray Television in a report on Monday, August 10th. Barrington Research reiterated a “buy” rating and set a $20.00 price objective on shares of Gray Television in a research note on Thursday, August 13th. ValuEngine lowered shares of Gray Television from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 11th. Finally, Zacks Investment Research raised shares of Gray Television from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research report on Friday, August 14th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Gray Television presently has an average rating of “Buy” and a consensus price target of $20.00.

In other news, Director Robin Robinson Howell acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was purchased at an average cost of $13.08 per share, for a total transaction of $26,160.00. Following the completion of the transaction, the director now owns 81,635 shares in the company, valued at $1,067,785.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.27% of the stock is currently owned by company insiders.

Gray Television Profile

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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