Icon Advisers Inc. Co. Acquires Shares of 18,500 Gray Television, Inc. (GTN)
Icon Advisers Inc. Co. acquired a new stake in Gray Television, Inc. (NYSE:GTN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 18,500 shares of the company’s stock, valued at approximately $290,000.
A number of other institutional investors have also recently made changes to their positions in GTN. FMR LLC grew its stake in Gray Television by 52.1% in the second quarter. FMR LLC now owns 5,870,039 shares of the company’s stock valued at $80,419,000 after acquiring an additional 2,011,342 shares during the period. Royal Bank of Canada grew its stake in Gray Television by 221.6% in the second quarter. Royal Bank of Canada now owns 2,688,226 shares of the company’s stock valued at $36,828,000 after acquiring an additional 1,852,301 shares during the period. Hillcrest Asset Management LLC acquired a new stake in Gray Television in the third quarter valued at approximately $8,728,000. Thrivent Financial For Lutherans acquired a new stake in Gray Television in the second quarter valued at approximately $6,612,000. Finally, JPMorgan Chase & Co. grew its stake in Gray Television by 269.6% in the second quarter. JPMorgan Chase & Co. now owns 461,610 shares of the company’s stock valued at $6,323,000 after acquiring an additional 336,726 shares during the period. 80.71% of the stock is owned by hedge funds and other institutional investors.
Gray Television, Inc. (GTN) opened at $16.05 on Friday. Gray Television, Inc. has a fifty-two week low of $9.55 and a fifty-two week high of $16.70. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. The firm has a market capitalization of $1,165.25, a P/E ratio of 14.08, a PEG ratio of 1.53 and a beta of 3.22.
Gray Television (NYSE:GTN) last posted its earnings results on Monday, November 6th. The company reported $0.21 earnings per share 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 during the quarter, compared to the consensus estimate of $218.78 million. During the same quarter in the prior year, the business earned $0.26 EPS. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. sell-side analysts forecast that Gray Television, Inc. will post 1.61 EPS for the current fiscal year.
A number of brokerages have commented on GTN. Zacks Investment Research raised Gray Television from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Thursday, September 21st. BidaskClub raised Gray Television from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Wells Fargo & Company reissued an “outperform” rating and issued a $18.00 price objective (up previously from $15.50) on shares of Gray Television in a research note on Thursday, August 10th. Benchmark Co. raised their target price on Gray Television from $19.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Finally, ValuEngine upgraded Gray Television from a “buy” rating to a “strong-buy” rating in a report on Thursday, September 21st. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $18.50.
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Gray Television Profile
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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