Hillcrest Asset Management LLC Increases Stake in Gray Television, Inc. (GTN)

Hillcrest Asset Management LLC grew its holdings in Gray Television, Inc. (NYSE:GTN) by 4.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 582,678 shares of the company’s stock after buying an additional 26,778 shares during the quarter. Hillcrest Asset Management LLC owned approximately 0.65% of Gray Television worth $8,391,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in GTN. Engine Capital Management LLC acquired a new stake in Gray Television in the fourth quarter worth about $1,173,000. TIAA CREF Investment Management LLC increased its position in Gray Television by 32.6% in the fourth quarter. TIAA CREF Investment Management LLC now owns 492,019 shares of the company’s stock worth $8,241,000 after purchasing an additional 120,842 shares during the period. Two Sigma Investments LP acquired a new stake in Gray Television in the fourth quarter worth about $1,329,000. Guggenheim Capital LLC acquired a new stake in Gray Television in the fourth quarter worth about $167,000. Finally, QS Investors LLC acquired a new stake in Gray Television in the fourth quarter worth about $1,634,000. Institutional investors own 85.97% of the company’s stock.

Gray Television, Inc. (GTN) opened at $13.50 on Wednesday. The company has a current ratio of 5.08, a quick ratio of 5.08 and a debt-to-equity ratio of 1.84. Gray Television, Inc. has a 1-year low of $11.70 and a 1-year high of $17.80. The stock has a market capitalization of $1,241.90, a PE ratio of 13.10, a price-to-earnings-growth ratio of 1.79 and a beta of 2.53.

Gray Television (NYSE:GTN) last issued its earnings results on Tuesday, February 27th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.15. Gray Television had a return on equity of 11.91% and a net margin of 29.67%. The firm had revenue of $233.60 million for the quarter, compared to analysts’ expectations of $232.24 million. During the same quarter last year, the business earned $0.49 earnings per share. The company’s revenue was down 1.7% compared to the same quarter last year. sell-side analysts expect that Gray Television, Inc. will post 1.81 EPS for the current year.

In other Gray Television news, EVP Kevin Paul Latek sold 97,634 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $16.96, for a total transaction of $1,655,872.64. Following the transaction, the executive vice president now owns 219,706 shares in the company, valued at $3,726,213.76. The sale was disclosed in a document filed with the SEC, which is available through this link. 12.00% of the stock is currently owned by company insiders.

A number of analysts recently commented on the company. Guggenheim set a $21.00 price objective on Gray Television and gave the stock a “buy” rating in a research report on Monday, January 22nd. Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Gray Television in a research report on Thursday, February 15th. Zacks Investment Research upgraded Gray Television from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 14th. ValuEngine upgraded Gray Television from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Jefferies Group assumed coverage on Gray Television in a research report on Thursday, December 14th. They issued a “buy” rating and a $18.00 price objective for the company. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $19.00.

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

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