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 $6.5 Million after selling 58,839 shares in Gray Television , the firm said in a disclosure report filed with the SEC on May 13, 2016.Gray Television makes up approximately 10.47% of Sound Point Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Laurion Capital Management Lp sold out all of its stake in GTN during the most recent quarter. The investment firm sold 17,200 shares of GTN which is valued $191,092.Group One Trading reduced its stake in GTN by selling 200 shares or 2.07% in the most recent quarter. The Hedge Fund company now holds 9,464 shares of GTN which is valued at $105,145. Gray Television makes up approx 0.01% of Group One Trading’s portfolio. Raymond James Associates added GTN to its portfolio by purchasing 86,475 company shares during the most recent quarter which is valued at $960,737.Manufacturers Life Insurance Company The reduced its stake in GTN by selling 57,984 shares or 15.62% in the most recent quarter. The Hedge Fund company now holds 313,139 shares of GTN which is valued at $3.5 Million. Gray Television makes up approx 0.01% of Manufacturers Life Insurance Company The’s portfolio.

Gray Television closed down -0.35 points or -2.98% at $11.4 with 7,31,443 shares getting traded on Wednesday. Post opening the session at $11.77, the shares hit an intraday low of $11.25 and an intraday high of $11.86 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Gray Television reported $0.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on May 9, 2016. Analyst had a consensus of $0.12. The company had revenue of $173.70 million for the quarter, compared to analysts expectations of $174.97 million. The company’s revenue was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 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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