Water Island Capital LLC Has $1.03 Million Holdings in Gray Television, Inc. (GTN)

Water Island Capital LLC raised its holdings in shares of Gray Television, Inc. (NYSE:GTN) by 109.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,276 shares of the company’s stock after buying an additional 42,464 shares during the period. Water Island Capital LLC owned about 0.09% of Gray Television worth $1,032,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GTN. Waratah Capital Advisors Ltd. purchased a new stake in shares of Gray Television during the fourth quarter worth about $11,700,000. BlackRock Inc. boosted its holdings in shares of Gray Television by 15.2% during the first quarter. BlackRock Inc. now owns 5,226,987 shares of the company’s stock worth $66,382,000 after purchasing an additional 691,079 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Gray Television by 143.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,022,406 shares of the company’s stock worth $17,124,000 after purchasing an additional 603,009 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Gray Television by 594.6% during the fourth quarter. Allianz Asset Management GmbH now owns 553,855 shares of the company’s stock worth $9,277,000 after purchasing an additional 474,115 shares during the period. Finally, OppenheimerFunds Inc. boosted its holdings in shares of Gray Television by 1,170.5% during the fourth quarter. OppenheimerFunds Inc. now owns 500,538 shares of the company’s stock worth $8,384,000 after purchasing an additional 461,141 shares during the period. Institutional investors and hedge funds own 84.83% of the company’s stock.

In related news, major shareholder Harriett J. Robinson purchased 8,214 shares of the firm’s stock in a transaction that occurred on Thursday, March 15th. The stock was bought at an average cost of $11.60 per share, with a total value of $95,282.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 9.98% of the stock is owned by corporate insiders.

A number of analysts have recently weighed in on GTN shares. Zacks Investment Research upgraded shares of Gray Television from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 14th. TheStreet lowered shares of Gray Television from a “b-” rating to a “c” rating in a report on Thursday, April 26th. Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Gray Television in a report on Thursday, February 15th. Barrington Research reiterated a “buy” rating and set a $22.00 target price on shares of Gray Television in a report on Tuesday, February 27th. Finally, Guggenheim reiterated a “buy” rating and set a $20.00 target price on shares of Gray Television in a report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. Gray Television has an average rating of “Buy” and a consensus target price of $18.29.

Gray Television opened at $11.20 on Thursday, MarketBeat reports. Gray Television, Inc. has a 1 year low of $10.70 and a 1 year high of $17.80. The stock has a market capitalization of $967.57 million, a P/E ratio of 9.57, a P/E/G ratio of 0.94 and a beta of 2.50. The company has a quick ratio of 6.46, a current ratio of 6.46 and a debt-to-equity ratio of 1.85.

Gray Television (NYSE:GTN) last released its quarterly earnings results on Tuesday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.07. Gray Television had a net margin of 29.97% and a return on equity of 11.06%. The company had revenue of $226.26 million during the quarter, compared to the consensus estimate of $225.41 million. During the same period in the prior year, the firm earned $0.14 earnings per share. Gray Television’s revenue was up 11.2% on a year-over-year basis. equities analysts anticipate that Gray Television, Inc. will post 1.93 earnings per share for the current fiscal year.

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

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