Gray Media (NYSE:GTN) Director Richard Lee Boger Sells 57,000 Shares of Stock

Gray Media Inc. (NYSE:GTN) Director Richard Lee Boger sold 57,000 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $4.40, for a total transaction of $250,800.00. Following the transaction, the director owned 4,591 shares of the company’s stock, valued at $20,200.40. The trade was a 92.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Gray Media Trading Up 3.9%

Gray Media stock opened at $4.13 on Friday. The firm has a 50-day moving average of $4.90 and a 200-day moving average of $4.83. Gray Media Inc. has a one year low of $3.50 and a one year high of $6.43. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $423.80 million, a price-to-earnings ratio of -2.70 and a beta of 1.04.

Gray Media (NYSE:GTN) last released its earnings results on Thursday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). The company had revenue of $768.00 million during the quarter, compared to analyst estimates of $768.05 million. Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.07%. Gray Media’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.23) EPS. On average, equities analysts expect that Gray Media Inc. will post 1.8 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 7.8%. The ex-dividend date of this dividend is Monday, June 15th. Gray Media’s dividend payout ratio is -20.92%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GTN shares. Guggenheim lowered their price objective on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Benchmark lifted their price target on Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Zacks Research downgraded Gray Media from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Weiss Ratings lowered Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 15th. Finally, Wells Fargo & Company lifted their target price on Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $7.88.

Hedge Funds Weigh In On Gray Media

Several institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC acquired a new stake in Gray Media during the 1st quarter worth approximately $28,000. Parallel Advisors LLC grew its holdings in Gray Media by 57.1% in the 1st quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock valued at $34,000 after buying an additional 2,873 shares in the last quarter. Abel Hall LLC bought a new position in Gray Media during the 1st quarter worth $49,000. CANADA LIFE ASSURANCE Co increased its position in Gray Media by 68.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after buying an additional 4,217 shares during the period. Finally, M&T Bank Corp acquired a new stake in shares of Gray Media during the fourth quarter worth $51,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Media Company Profile

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.