Convergence Investment Partners LLC Takes Position in Gray Television, Inc. (GTN)
Convergence Investment Partners LLC acquired a new stake in Gray Television, Inc. (NYSE:GTN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 69,964 shares of the company’s stock, valued at approximately $1,098,000. Convergence Investment Partners LLC owned 0.10% of Gray Television at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in GTN. BNP Paribas Arbitrage SA boosted its position in Gray Television by 4,901.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,452 shares of the company’s stock valued at $102,000 after buying an additional 7,303 shares during the period. LSV Asset Management purchased a new stake in Gray Television in the 2nd quarter valued at about $153,000. SG Americas Securities LLC purchased a new stake in Gray Television in the 3rd quarter valued at about $163,000. Macquarie Group Ltd. purchased a new stake in Gray Television in the 3rd quarter valued at about $166,000. Finally, Stifel Financial Corp purchased a new stake in Gray Television in the 3rd quarter valued at about $175,000. 83.57% of the stock is owned by institutional investors.
Gray Television, Inc. (GTN) traded down $0.05 during trading hours on Thursday, reaching $14.80. 776,700 shares of the company were exchanged, compared to its average volume of 968,068. Gray Television, Inc. has a 12 month low of $9.95 and a 12 month high of $16.70. The company has a debt-to-equity ratio of 3.11, a current ratio of 3.28 and a quick ratio of 3.28. The stock has a market capitalization of $1,078.13, a PE ratio of 13.03, a price-to-earnings-growth ratio of 1.42 and a beta of 3.14.
Gray Television (NYSE:GTN) last issued its quarterly earnings results on Monday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). Gray Television had a net margin of 14.91% and a return on equity of 15.53%. The company had revenue of $219.00 million for the quarter, compared to analyst estimates of $218.78 million. During the same quarter in the previous year, the company posted $0.26 EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. equities analysts anticipate that Gray Television, Inc. will post 1.61 earnings per share for the current fiscal year.
Several equities research analysts have recently weighed in on GTN shares. Zacks Investment Research cut shares of Gray Television from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Guggenheim started coverage on shares of Gray Television in a research report on Wednesday, October 18th. They issued a “buy” rating and a $20.00 price target for the company. ValuEngine cut shares of Gray Television from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 30th. Benchmark reaffirmed a “buy” rating and issued a $21.00 price target on shares of Gray Television in a research report on Tuesday, November 7th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $17.00 price target on shares of Gray Television in a research report on Wednesday, September 27th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $18.50.
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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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