Fmr LLC increased its position in Gray Television, Inc. (NYSE:GTN) by 52.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,870,039 shares of the company’s stock after buying an additional 2,011,342 shares during the quarter. Fmr LLC owned 8.86% of Gray Television worth $80,419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Gray Television by 5.3% in the second quarter. Vanguard Group Inc. now owns 2,861,369 shares of the company’s stock valued at $39,201,000 after buying an additional 145,189 shares during the period. Northern Trust Corp increased its stake in shares of Gray Television by 9.9% in the second quarter. Northern Trust Corp now owns 872,782 shares of the company’s stock valued at $11,956,000 after buying an additional 78,970 shares during the period. Penn Capital Management Co. Inc. increased its stake in shares of Gray Television by 15.4% in the second quarter. Penn Capital Management Co. Inc. now owns 1,562,378 shares of the company’s stock valued at $21,554,000 after buying an additional 209,076 shares during the period. Thrivent Financial For Lutherans acquired a new position in shares of Gray Television in the second quarter valued at approximately $6,612,000. Finally, Nationwide Fund Advisors increased its stake in shares of Gray Television by 93.3% in the second quarter. Nationwide Fund Advisors now owns 104,442 shares of the company’s stock valued at $1,431,000 after buying an additional 50,400 shares during the period. 81.35% of the stock is owned by institutional investors.
Gray Television (NYSE:GTN) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.03. The business had revenue of $226.70 million for the quarter, compared to analysts’ expectations of $221.05 million. Gray Television had a return on equity of 17.32% and a net margin of 13.38%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.24 EPS.
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Several research analysts have recently issued reports on the company. Zacks Investment Research downgraded Gray Television from a “buy” rating to a “hold” rating in a research note on Wednesday. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Gray Television in a research note on Wednesday, September 27th. ValuEngine raised Gray Television from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 21st. Wells Fargo & Company reaffirmed 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. Finally, Benchmark Co. upped their price objective on Gray Television from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $17.80.
Gray Television Company 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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