Fondren Management LP Acquires New Position in Gray Television, Inc. (GTN)
Fondren Management LP acquired a new position in Gray Television, Inc. (NYSE:GTN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 20,000 shares of the company’s stock, valued at approximately $316,000.
A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. grew its stake in Gray Television by 5.9% in the second quarter. BlackRock Inc. now owns 5,535,604 shares of the company’s stock worth $87,464,000 after purchasing an additional 308,617 shares in the last quarter. Royal Bank of Canada grew its stake in Gray Television by 8.9% in the first quarter. Royal Bank of Canada now owns 4,284,476 shares of the company’s stock worth $54,414,000 after purchasing an additional 350,549 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Gray Television by 142.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,018,985 shares of the company’s stock valued at $47,700,000 after acquiring an additional 1,773,153 shares in the last quarter. Loomis Sayles & Co. L P boosted its position in Gray Television by 5.5% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,718,976 shares of the company’s stock valued at $21,831,000 after acquiring an additional 90,080 shares in the last quarter. Finally, Penn Capital Management Co. Inc. boosted its position in Gray Television by 11.9% during the 2nd quarter. Penn Capital Management Co. Inc. now owns 1,713,436 shares of the company’s stock valued at $27,213,000 after acquiring an additional 181,532 shares in the last quarter. 87.81% of the stock is currently owned by institutional investors.
Shares of NYSE GTN opened at $17.65 on Friday. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 1.74. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 13.45, a P/E/G ratio of 0.88 and a beta of 2.51. Gray Television, Inc. has a 12-month low of $10.70 and a 12-month high of $17.88.
Several analysts have issued reports on the company. Zacks Investment Research cut Gray Television from a “buy” rating to a “hold” rating in a research report on Thursday, September 6th. Noble Financial set a $23.00 target price on Gray Television and gave the company a “buy” rating in a research report on Wednesday, August 8th. Barrington Research reaffirmed a “buy” rating and set a $19.00 target price on shares of Gray Television in a research report on Tuesday, August 7th. ValuEngine raised Gray Television from a “hold” rating to a “buy” rating in a research report on Wednesday, July 11th. Finally, TheStreet raised Gray Television from a “c” rating to a “b-” rating in a research report on Tuesday, June 26th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $21.50.
Gray Television Company Profile
Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 23, 2018, the company owned and operated television stations in 57 television markets broadcasting approximately 200 program streams, including approximately 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.
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