Channing Capital Management Lowers stake in Gray Television (GTN)

Gray Television (GTN) : Channing Capital Management reduced its stake in Gray Television by 29.33% during the most recent quarter end. The investment management company now holds a total of 1,385,353 shares of Gray Television which is valued at $13,853,530 after selling 574,831 shares in Gray Television , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Gray Television makes up approximately 0.56% of Channing Capital Management’s portfolio.

Other Hedge Funds, Including , Emerald Advisers Incpa boosted its stake in GTN in the latest quarter, The investment management firm added 17,015 additional shares and now holds a total of 84,986 shares of Gray Television which is valued at $841,361. Gray Television makes up approx 0.04% of Emerald Advisers Incpa’s portfolio.Emerald Mutual Fund Advisers Trust boosted its stake in GTN in the latest quarter, The investment management firm added 10,214 additional shares and now holds a total of 37,862 shares of Gray Television which is valued at $374,834. Gray Television makes up approx 0.02% of Emerald Mutual Fund Advisers Trust’s portfolio. American Century Companies Inc added GTN to its portfolio by purchasing 1,151,963 company shares during the most recent quarter which is valued at $11,853,699. Gray Television makes up approx 0.01% of American Century Companies Inc’s portfolio. Cutler Group Lp added GTN to its portfolio by purchasing 9,463 company shares during the most recent quarter which is valued at $107,310. Gray Television makes up approx 0.01% of Cutler Group Lp’s portfolio.

Gray Television opened for trading at $10.25 and hit $11.22 on the upside on Thursday, eventually ending the session at $11.1, with a gain of 11.00% or 1.1 points. The heightened volatility saw the trading volume jump to 27,58,973 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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