Advisory Services Network Lowers stake in Gray Television (GTN)

Gray Television (GTN) : Advisory Services Network reduced its stake in Gray Television by 59.97% during the most recent quarter end. The investment management company now holds a total of 22,650 shares of Gray Television which is valued at $233,975 after selling 33,930 shares in Gray Television , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Gray Television makes up approximately 0.04% of Advisory Services Network’s portfolio.

Other Hedge Funds, Including , First Mercantile Trust Co sold out all of its stake in GTN during the most recent quarter. The investment firm sold 15,300 shares of GTN which is valued $158,049.Bnp Paribas Arbitrage Sa boosted its stake in GTN in the latest quarter, The investment management firm added 1,872 additional shares and now holds a total of 5,231 shares of Gray Television which is valued at $56,704.

Gray Television closed down -0.33 points or -3.10% at $10.33 with 8,24,457 shares getting traded on Friday. Post opening the session at $10.63, the shares hit an intraday low of $10.28 and an intraday high of $10.65 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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