Principal Financial Group Inc. trimmed its holdings in Gray Television, Inc. (NYSE:GTN) by 15.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,237 shares of the company’s stock after selling 6,812 shares during the period. Principal Financial Group Inc. owned 0.05% of Gray Television worth $569,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. BNP Paribas Arbitrage SA grew its holdings in shares of 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 during the period. LSV Asset Management purchased a new stake in shares of Gray Television in the second quarter valued at about $153,000. Pacad Investment Ltd. grew its holdings in shares of Gray Television by 24.3% in the second quarter. Pacad Investment Ltd. now owns 13,800 shares of the company’s stock valued at $189,000 after purchasing an additional 2,700 shares during the period. Eqis Capital Management Inc. purchased a new stake in shares of Gray Television in the third quarter valued at about $201,000. Finally, Legal & General Group Plc grew its holdings in shares of 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 during the period. Institutional investors and hedge funds own 83.57% of the company’s stock.

Shares of Gray Television, Inc. (NYSE:GTN) traded up $0.50 during mid-day trading on Friday, reaching $15.25. 2,893,100 shares of the company’s stock traded hands, compared to its average volume of 989,803. The company has a current ratio of 3.28, a quick ratio of 3.28 and a debt-to-equity ratio of 3.11. The stock has a market capitalization of $1,070.86, a price-to-earnings ratio of 12.94, a PEG ratio of 1.41 and a beta of 3.14. Gray Television, Inc. has a one year low of $9.95 and a one year high of $16.70.

Gray Television (NYSE:GTN) last announced its earnings results on Monday, November 6th. The company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.01). The company had revenue of $219.00 million for the quarter, compared to analysts’ expectations of $218.78 million. Gray Television had a return on equity of 15.53% and a net margin of 14.91%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business earned $0.26 EPS. sell-side analysts anticipate that Gray Television, Inc. will post 1.61 EPS for the current fiscal year.

A number of equities research analysts recently issued reports on the stock. Jefferies Group assumed coverage on shares of Gray Television in a report on Thursday. They issued a “buy” rating and a $18.00 price objective for the company. ValuEngine lowered shares of Gray Television from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 30th. Zacks Investment Research lowered shares of Gray Television from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Benchmark reaffirmed a “buy” rating and set a $21.00 target price on shares of Gray Television in a research note on Tuesday, November 7th. Finally, Guggenheim started coverage on shares of Gray Television in a research note on Wednesday, October 18th. They set a “buy” rating and a $20.00 target price for the company. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $18.43.

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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).

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

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