QS Investors LLC Takes Position in Gray Television, Inc. (GTN)
QS Investors LLC purchased a new position in Gray Television, Inc. (NYSE:GTN) in the fourth quarter, Holdings Channel reports. The fund purchased 97,553 shares of the company’s stock, valued at approximately $1,634,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GTN. Parametric Portfolio Associates LLC raised its holdings in shares of Gray Television by 1.3% in the second quarter. Parametric Portfolio Associates LLC now owns 31,340 shares of the company’s stock worth $429,000 after acquiring an additional 399 shares during the last quarter. Nationwide Fund Advisors raised its holdings in shares of Gray Television by 9.7% in the third quarter. Nationwide Fund Advisors now owns 114,553 shares of the company’s stock worth $1,798,000 after acquiring an additional 10,111 shares during the last quarter. Advisor Group Inc. raised its holdings in shares of Gray Television by 109.3% in the third quarter. Advisor Group Inc. now owns 11,932 shares of the company’s stock worth $187,000 after acquiring an additional 6,232 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Gray Television by 4.2% in the third quarter. Russell Investments Group Ltd. now owns 170,807 shares of the company’s stock worth $2,682,000 after acquiring an additional 6,956 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Gray Television in the third quarter worth $163,000. 85.38% of the stock is owned by institutional investors.
In other news, major shareholder Harriett J. Robinson purchased 8,214 shares of the stock in a transaction on Thursday, March 15th. The stock was purchased at an average price of $11.60 per share, with a total value of $95,282.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.00% of the stock is currently owned by insiders.
Gray Television (NYSE:GTN) last released its earnings results on Tuesday, February 27th. The company reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.15. The firm had revenue of $233.60 million during the quarter, compared to analyst estimates of $232.24 million. Gray Television had a return on equity of 11.91% and a net margin of 29.67%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.49 earnings per share. equities analysts predict that Gray Television, Inc. will post 1.86 EPS for the current fiscal year.
GTN has been the subject of several analyst reports. ValuEngine lowered Gray Television from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 30th. Zacks Investment Research lowered Gray Television from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 30th. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Gray Television in a research note on Thursday, February 15th. Guggenheim reiterated a “buy” rating and issued a $20.00 target price on shares of Gray Television in a research note on Thursday, March 1st. Finally, Jefferies Group initiated coverage on Gray Television in a research note on Thursday, December 14th. They issued a “buy” rating and a $18.00 target price for the company. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $19.00.
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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