Penn Capital Management Co Inc buys $25,067,289 stake in Gray Television (GTN)

Gray Television (GTN) : Penn Capital Management Co Inc scooped up 389,980 additional shares in Gray Television during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 2,198,885 shares of Gray Television which is valued at $25,067,289.Gray Television makes up approximately 1.38% of Penn Capital Management Co Inc’s portfolio.

Other Hedge Funds, Including , Cornercap Investment Counsel Inc reduced its stake in GTN by selling 2,695 shares or 8.65% in the most recent quarter. The Hedge Fund company now holds 28,456 shares of GTN which is valued at $324,398. Gray Television makes up approx 0.06% of Cornercap Investment Counsel Inc’s portfolio. Pacad Investment Ltd. added GTN to its portfolio by purchasing 22,800 company shares during the most recent quarter which is valued at $259,920. Gray Television makes up approx 0.03% of Pacad Investment Ltd.’s portfolio.Blackrock Fund Advisors boosted its stake in GTN in the latest quarter, The investment management firm added 17,811 additional shares and now holds a total of 1,513,351 shares of Gray Television which is valued at $17,252,201.Systematic Financial Management Lp reduced its stake in GTN by selling 129,212 shares or 7.77% in the most recent quarter. The Hedge Fund company now holds 1,534,008 shares of GTN which is valued at $17,211,570. Gray Television makes up approx 0.22% of Systematic Financial Management Lp’s portfolio.Channing Capital Management reduced its stake in GTN by selling 574,831 shares or 29.33% in the most recent quarter. The Hedge Fund company now holds 1,385,353 shares of GTN which is valued at $13,853,530. Gray Television makes up approx 0.56% of Channing Capital Management’s portfolio.

Gray Television opened for trading at $11.17 and hit $11.33 on the upside on Monday, eventually ending the session at $11.12, with a gain of 0.18% or 0.02 points. The heightened volatility saw the trading volume jump to 5,50,435 shares. Company has a market cap of $808 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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