Elite Hedge Funds Disclose Big Moves In These Three Stocks

According to a newly-amended 13G filing, Edward A. Mule’s Silver Point Capital L.P. has ceased to be an owner of more than 5% of Gray Television Inc. (NYSE:GTN). The public filing disclosed an ownership stake of 75,000 shares, compared to the 1.85 million-share stake reported through the fund’s 13F filing for the June quarter. The television broadcast company has had a great year in terms of stock performance despite experiencing a serious pullback in early-August, with its shares advancing by 18% since the beginning of the year. Just recently, Gray Television Inc. (NYSE:GTN) agreed to acquire the TV and radio stations operated and owned by private company Schurz Communications for approximately $442.5 million. In connection with this deal, the company also announced the sell-off of several television stations in three markets so as to facilitate regulatory approvals for the aforementioned deal.

The number of hedge funds with stakes in the company remained unchanged during the June quarter at 33, while the value of the capital held in the stock by those investors increased to $295.16 million from $268.73 million quarter-over-quarter. These hedge funds amassed slightly over 26% of the company’s shares at the end of June. Ken Heebner’s Capital Growth Management acquired an 820,000-share stake in Gray Television Inc. (NYSE:GTN) during the second quarter.

In a Form 4 filing with the SEC, Rehan Jaffer’s H Partners Management reported selling 1.03 million shares of Six Flags Entertainment Corp (NYSE:SIX) over the past week or so, at prices ranging from $52.19-to-$53.00. After the recent sell-off, H Partners Management holds an ownership stake of 15.39 million shares in the world’s largest regional theme park company. The shares of the company are currently trading near an all-time high of over $51, having been pushed higher by the company’s record third quarter financial results. Six Flags Entertainment Corp (NYSE:SIX) reported diluted earnings per share of $1.64, up by 52% year-over-year. Meanwhile, its top-line figure increased by 6% year-over-year to $575 million.

Coincidentally, 33 hedge funds tracked by our teamalso held this stock in their portfolios at the end of the second quarter, accumulating 24.60% of the company’s shares. The hedge fund sentiment remained flat quarter-over-quarter, whereas the value of these hedge funds’ stakes declined to $1.05 billion from $1.11 billion. Steve Cohen’s Point72 Asset Management owned 612,400 shares of Six Flags Entertainment Corp (NYSE:SIX) as of the end of June.

Disclosure: None