Gray Media Inc. (GTN) To Go Ex-Dividend on September 15th

Gray Media Inc. (NYSE:GTN) announced a quarterly dividend on Friday, August 7th. Stockholders of record on Tuesday, September 15th will be paid a dividend of 0.08 per share on Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Tuesday, September 15th.

Gray Media has a payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Gray Media to earn ($1.13) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -28.3%.

Gray Media Stock Up 24.8%

Shares of NYSE GTN opened at $5.34 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.72. Gray Media has a 12-month low of $3.50 and a 12-month high of $6.43. The firm’s 50-day moving average price is $4.01 and its 200-day moving average price is $4.52. The stock has a market capitalization of $548.73 million, a price-to-earnings ratio of -8.76 and a beta of 0.94.

Gray Media (NYSE:GTN) last released its quarterly earnings results on Friday, August 7th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. Gray Media had a negative return on equity of 3.07% and a negative net margin of 3.12%.The company had revenue of $839.00 million during the quarter, compared to analyst estimates of $795.13 million. During the same quarter last year, the business posted ($0.71) earnings per share. The firm’s revenue was up 8.7% on a year-over-year basis. On average, equities research analysts anticipate that Gray Media will post 1.85 EPS for the current fiscal year.

Gray Media News Roundup

Here are the key news stories impacting Gray Media this week:

• Positive Sentiment: Quarterly earnings significantly exceeded expectations: Gray Media reported adjusted earnings of $0.21 per share, compared with the consensus estimate of a $0.08 per-share loss and a $0.42 per-share loss in the year-ago quarter. Gray Media Q2 Earnings and Revenues Top Estimates
• Positive Sentiment: Revenue also beat estimates and grew year over year: Second-quarter revenue was $839.0 million, above the $795.1 million consensus forecast and up 8.7% from the prior-year period. Management said the results are beginning to reflect benefits from its merger-and-acquisition activity. Gray Media Announces Second Quarter Financial Results
• Positive Sentiment: Third-quarter revenue guidance was well above expectations: Gray projected revenue of $935 million to $965 million, compared with analyst expectations of approximately $892 million. The company did not provide a readable EPS guidance figure in the release data.
• Positive Sentiment: Dividend maintained: Gray declared a quarterly cash dividend of $0.08 per share, payable September 30 to shareholders of record on September 15. The annualized payout is $0.32 per share, representing an indicated yield of roughly 6% based on the cited share price. Gray Announces Quarterly Cash Dividend
• Neutral Sentiment: Financial risks remain: Despite the quarterly beat, Gray reported a negative net margin and negative return on equity, while its balance sheet carries relatively high leverage. Investors may therefore focus on whether stronger revenue and M&A-related benefits can translate into sustainable cash flow and profitability.

About Gray Media

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.