Shannon River Fund Management Lowers stake in Gray Television (GTN)

Gray Television (GTN) : Shannon River Fund Management reduced its stake in Gray Television by 65.53% during the most recent quarter end. The investment management company now holds a total of 225,000 shares of Gray Television which is valued at $2,565,000 after selling 427,700 shares in Gray Television , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Gray Television makes up approximately 0.58% of Shannon River Fund Management’s portfolio.

Other Hedge Funds, Including , Susquehanna International Group Llp boosted its stake in GTN in the latest quarter, The investment management firm added 47,533 additional shares and now holds a total of 94,616 shares of Gray Television which is valued at $1,078,622. Gray Television makes up approx 0.01% of Susquehanna International Group Llp’s portfolio. Princeton Alpha Management Lp sold out all of its stake in GTN during the most recent quarter. The investment firm sold 29,282 shares of GTN which is valued $328,837. Capital Fund Management S.a. sold out all of its stake in GTN during the most recent quarter. The investment firm sold 35,180 shares of GTN which is valued $362,002.

Gray Television opened for trading at $11.07 and hit $11.27 on the upside on Wednesday, eventually ending the session at $11.1, with a gain of 0.18% or 0.02 points. The heightened volatility saw the trading volume jump to 416,949 shares. Company has a market cap of $807 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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