Gray Television, Inc. (GTN) Position Reduced by Piermont Capital Management Inc.
Piermont Capital Management Inc. lowered its holdings in shares of Gray Television, Inc. (NYSE:GTN) by 7.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 155,752 shares of the company’s stock after selling 12,110 shares during the period. Gray Television makes up approximately 1.1% of Piermont Capital Management Inc.’s holdings, making the stock its 28th largest holding. Piermont Capital Management Inc.’s holdings in Gray Television were worth $2,726,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GTN. Bank of New York Mellon Corp grew its stake in Gray Television by 142.3% during the second quarter. Bank of New York Mellon Corp now owns 3,018,985 shares of the company’s stock worth $47,700,000 after purchasing an additional 1,773,153 shares during the period. Scopus Asset Management L.P. acquired a new stake in Gray Television during the second quarter worth approximately $13,430,000. Peregrine Capital Management LLC acquired a new stake in Gray Television during the second quarter worth approximately $8,611,000. New Amsterdam Partners LLC NY grew its stake in Gray Television by 264.9% during the third quarter. New Amsterdam Partners LLC NY now owns 516,538 shares of the company’s stock worth $9,039,000 after purchasing an additional 374,992 shares during the period. Finally, Sound Point Capital Management LP grew its stake in Gray Television by 51.7% during the second quarter. Sound Point Capital Management LP now owns 1,044,655 shares of the company’s stock worth $16,506,000 after purchasing an additional 355,827 shares during the period. 88.60% of the stock is owned by institutional investors and hedge funds.
Shares of Gray Television stock opened at $19.66 on Friday. The company has a quick ratio of 4.69, a current ratio of 6.32 and a debt-to-equity ratio of 1.64. Gray Television, Inc. has a 52 week low of $10.70 and a 52 week high of $20.24. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 0.91 and a beta of 2.23.
GTN has been the subject of several recent analyst reports. Zacks Investment Research raised Gray Television from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Wednesday, September 5th. Noble Financial set a $23.00 target price on Gray Television and gave the stock a “buy” rating in a research note 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 note on Tuesday, August 7th. Benchmark raised their target price on Gray Television from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, ValuEngine raised Gray Television from a “hold” rating to a “buy” rating in a research note on Monday, October 22nd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $22.25.
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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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