Bank of New York Mellon Corp cut its stake in Gray Television, Inc. (NYSE:GTN) by 57.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,122,709 shares of the company’s stock after selling 1,544,946 shares during the period. Bank of New York Mellon Corp owned approximately 1.56% of Gray Television worth $15,380,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Neuberger Berman Group LLC increased its holdings in Gray Television by 13.3% in the first quarter. Neuberger Berman Group LLC now owns 5,794,462 shares of the company’s stock valued at $84,020,000 after buying an additional 678,295 shares in the last quarter. FMR LLC increased its holdings in Gray Television by 23.6% in the first quarter. FMR LLC now owns 3,858,697 shares of the company’s stock valued at $55,951,000 after buying an additional 737,600 shares in the last quarter. Vanguard Group Inc. increased its holdings in Gray Television by 4.5% in the first quarter. Vanguard Group Inc. now owns 2,716,180 shares of the company’s stock valued at $39,385,000 after buying an additional 116,874 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Gray Television by 6.7% in the first quarter. Victory Capital Management Inc. now owns 2,489,043 shares of the company’s stock valued at $36,091,000 after buying an additional 156,696 shares in the last quarter. Finally, Sound Point Capital Management LP increased its holdings in Gray Television by 0.4% in the first quarter. Sound Point Capital Management LP now owns 1,076,051 shares of the company’s stock valued at $15,603,000 after buying an additional 4,583 shares in the last quarter. 89.46% of the stock is owned by institutional investors.

Gray Television, Inc. (NYSE:GTN) opened at 14.65 on Thursday. Gray Television, Inc. has a 52 week low of $7.00 and a 52 week high of $15.45. The stock has a market capitalization of $1.05 billion, a PE ratio of 9.11 and a beta of 3.29. The stock’s 50 day moving average is $14.18 and its 200-day moving average is $13.88.

Gray Television (NYSE:GTN) last released its earnings results on Tuesday, August 8th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. Gray Television had a net margin of 13.38% and a return on equity of 17.32%. The business had revenue of $226.70 million for the quarter, compared to the consensus estimate of $221.05 million. During the same period in the previous year, the firm earned $0.24 EPS. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. Equities research analysts forecast that Gray Television, Inc. will post $1.61 EPS for the current year.

A number of research analysts have issued reports on GTN shares. ValuEngine cut shares of Gray Television from a “strong-buy” rating to a “buy” rating in a report on Friday, September 15th. Royal Bank Of Canada set a $16.00 target price on shares of Gray Television and gave the company a “buy” rating in a report on Tuesday, July 18th. BidaskClub cut shares of Gray Television from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 6th. Benchmark Co. increased their target price on shares of Gray Television from $19.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Finally, Zacks Investment Research cut shares of Gray Television from a “buy” rating to a “hold” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $17.00.

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

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