Sound Point Capital Management Lp Lowers stake in Gray Television (GTN)

Gray Television (GTN) : Sound Point Capital Management Lp reduced its stake in Gray Television by 9.19% during the most recent quarter end. The investment management company now holds a total of 581,713 shares of Gray Television which is valued at $6,631,528 after selling 58,839 shares in Gray Television , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Gray Television makes up approximately 10.89% of Sound Point Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Millennium Management reduced its stake in GTN by selling 904,014 shares or 53.6% in the most recent quarter. The Hedge Fund company now holds 782,559 shares of GTN which is valued at $8,921,173. Gray Television makes up approx 0.02% of Millennium Management’s portfolio.Mufg Americas Holdings Corp reduced its stake in GTN by selling 976 shares or 41.71% in the most recent quarter. The Hedge Fund company now holds 1,364 shares of GTN which is valued at $15,536. Eam Investors sold out all of its stake in GTN during the most recent quarter. The investment firm sold 246,523 shares of GTN which is valued $2,768,453.Dupont Capital Management Corp boosted its stake in GTN in the latest quarter, The investment management firm added 13,445 additional shares and now holds a total of 100,040 shares of Gray Television which is valued at $1,000,400. Gray Television makes up approx 0.02% of Dupont Capital Management Corp’s portfolio.Clarivest Asset Management boosted its stake in GTN in the latest quarter, The investment management firm added 10,200 additional shares and now holds a total of 76,291 shares of Gray Television which is valued at $755,281. Gray Television makes up approx 0.02% of Clarivest Asset Management’s portfolio.

Gray Television opened for trading at $11.27 and hit $11.43 on the upside on Thursday, eventually ending the session at $11.24, with a gain of 0.09% or 0.01 points. The heightened volatility saw the trading volume jump to 8,90,872 shares. Company has a market cap of $817 M.

On the company’s financial health, Gray Television reported $0.24 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $0.25. The company had revenue of $196.63 million for the quarter, compared to analysts expectations of $196.22 million. The company’s revenue was up 37.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

Gray Television Inc. (Gray) is a broadcast company which owns and/or operates television stations and digital assets in markets throughout the United States. Gray owns and operates television stations in 44 television markets broadcasting 139 program streams including 76 affiliates of the Big Four networks (ABC CBS NBC and FOX). Gray’s owned and/or operated stations include 26 channels affiliated with the CBS Network 24 channels affiliated with the NBC Network 16 channels affiliated with the ABC Network and 10 channels affiliated with the FOX Network. Gray reaches approximately 8.1% of total United States television households.

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