Convergence Investment Partners LLC Cuts Stake in Gray Television, Inc. (GTN)

Convergence Investment Partners LLC trimmed its holdings in shares of Gray Television, Inc. (NYSE:GTN) by 49.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 35,550 shares of the company’s stock after selling 34,414 shares during the quarter. Convergence Investment Partners LLC’s holdings in Gray Television were worth $595,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Schwab Charles Investment Management Inc. lifted its holdings in shares of Gray Television by 32.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 393,627 shares of the company’s stock worth $5,393,000 after buying an additional 96,111 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Gray Television by 0.7% during the second quarter. Rhumbline Advisers now owns 75,994 shares of the company’s stock worth $1,041,000 after buying an additional 535 shares in the last quarter. Legal & General Group Plc raised its stake in Gray Television by 3.2% in the second quarter. Legal & General Group Plc now owns 16,502 shares of the company’s stock valued at $226,000 after purchasing an additional 505 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Gray Television by 4,901.3% in the second quarter. BNP Paribas Arbitrage SA now owns 7,452 shares of the company’s stock valued at $102,000 after purchasing an additional 7,303 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Gray Television by 293.4% in the second quarter. Principal Financial Group Inc. now owns 43,049 shares of the company’s stock valued at $590,000 after purchasing an additional 32,105 shares in the last quarter. 68.12% of the stock is owned by institutional investors and hedge funds.

In related news, EVP Kevin Paul Latek sold 97,634 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now owns 219,706 shares in the company, valued at $3,726,213.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 12.00% of the stock is owned by corporate insiders.

A number of research analysts have issued reports on the company. ValuEngine cut Gray Television from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 30th. Zacks Investment Research cut Gray Television from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 30th. Guggenheim set a $21.00 price target on Gray Television and gave the stock a “buy” rating in a report on Monday, January 22nd. Jefferies Group assumed coverage on Gray Television in a report on Thursday, December 14th. They set a “buy” rating and a $18.00 price target on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Gray Television in a research note on Tuesday, November 7th. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. Gray Television presently has an average rating of “Buy” and an average price target of $18.57.

Shares of Gray Television, Inc. (NYSE:GTN) traded down $0.10 during trading hours on Friday, hitting $15.00. The stock had a trading volume of 1,116,552 shares, compared to its average volume of 692,311. The company has a debt-to-equity ratio of 3.11, a current ratio of 3.28 and a quick ratio of 3.28. Gray Television, Inc. has a one year low of $11.70 and a one year high of $17.80. The firm has a market capitalization of $1,347.77, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 1.96 and a beta of 2.46.

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About Gray Television

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).

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

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