Peregrine Capital Management LLC Purchases 6,375 Shares of Gray Television, Inc. (NYSE:GTN)

Peregrine Capital Management LLC boosted its position in shares of Gray Television, Inc. (NYSE:GTN) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 450,522 shares of the company’s stock after purchasing an additional 6,375 shares during the period. Peregrine Capital Management LLC’s holdings in Gray Television were worth $6,285,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GTN. Denali Advisors LLC acquired a new position in shares of Gray Television during the 2nd quarter worth about $2,867,000. APG Asset Management N.V. acquired a new stake in Gray Television in the 1st quarter valued at about $2,819,000. GSA Capital Partners LLP acquired a new stake in Gray Television in the 1st quarter valued at about $226,000. Man Group plc lifted its stake in Gray Television by 451.6% in the 4th quarter. Man Group plc now owns 186,300 shares of the company’s stock valued at $3,993,000 after purchasing an additional 152,528 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in Gray Television by 42.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 28,708 shares of the company’s stock valued at $308,000 after purchasing an additional 8,561 shares during the last quarter. Hedge funds and other institutional investors own 83.37% of the company’s stock.

In related news, Director Robin Robinson Howell acquired 2,000 shares of the business’s stock in a transaction on Monday, June 29th. The stock was purchased at an average cost of $13.08 per share, for a total transaction of $26,160.00. Following the completion of the transaction, the director now directly owns 81,635 shares of the company’s stock, valued at approximately $1,067,785.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 10.27% of the company’s stock.

GTN has been the subject of several recent analyst reports. Noble Financial reiterated a “buy” rating and issued a $22.00 target price on shares of Gray Television in a research note on Friday, May 8th. Zacks Investment Research downgraded shares of Gray Television from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 15th. Finally, Barrington Research reiterated a “buy” rating and issued a $20.00 target price on shares of Gray Television in a research note on Thursday, May 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Gray Television has an average rating of “Buy” and a consensus price target of $21.20.

Shares of GTN stock opened at $14.34 on Friday. The firm has a 50 day moving average price of $14.11 and a two-hundred day moving average price of $15.07. The company has a quick ratio of 2.97, a current ratio of 2.97 and a debt-to-equity ratio of 2.50. The company has a market capitalization of $1.43 billion, a PE ratio of 7.24, a price-to-earnings-growth ratio of 0.60 and a beta of 2.07. Gray Television, Inc. has a 12-month low of $8.53 and a 12-month high of $23.07.

Gray Television (NYSE:GTN) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.17. The firm had revenue of $534.00 million during the quarter, compared to the consensus estimate of $543.75 million. Gray Television had a net margin of 11.09% and a return on equity of 16.54%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the business posted ($0.31) earnings per share. As a group, research analysts expect that Gray Television, Inc. will post 2.4 EPS for the current year.

Gray Television Profile

Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 28, 2019, it owned and operated television stations in 91 television markets broadcasting approximately 400 program streams, including approximately 150 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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