DSC Meridian Capital LP Buys Shares of 939,714 Gray Media Inc. $GTN

DSC Meridian Capital LP purchased a new stake in Gray Media Inc. (NYSE:GTN) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 939,714 shares of the company’s stock, valued at approximately $3,731,000. Gray Media makes up 0.9% of DSC Meridian Capital LP’s investment portfolio, making the stock its 14th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTN. Acadian Asset Management LLC acquired a new position in Gray Media in the first quarter valued at approximately $28,000. Legal & General Group Plc acquired a new stake in Gray Media during the second quarter worth $32,000. Parallel Advisors LLC increased its stake in Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock worth $34,000 after acquiring an additional 2,873 shares during the last quarter. Abel Hall LLC purchased a new stake in Gray Media in the first quarter valued at $49,000. Finally, CANADA LIFE ASSURANCE Co raised its position in Gray Media by 68.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after purchasing an additional 4,217 shares during the period. Institutional investors and hedge funds own 78.64% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on GTN. Guggenheim decreased their price target on Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Weiss Ratings reissued a “sell (d)” rating on shares of Gray Media in a research report on Wednesday, August 12th. Wall Street Zen upgraded shares of Gray Media from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $6.50 target price on shares of Gray Media in a research report on Tuesday, April 28th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.88.

Gray Media Stock Down 0.3%

Shares of NYSE GTN opened at $4.92 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. The business’s 50 day moving average is $4.22 and its two-hundred day moving average is $4.56. Gray Media Inc. has a 52-week low of $3.55 and a 52-week high of $6.43. The firm has a market cap of $507.18 million, a price-to-earnings ratio of -8.07, a PEG ratio of 0.10 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 1.12% and a negative net margin of 0.83%.The business had revenue of $839.00 million during the quarter, compared to analyst estimates of $795.13 million. During the same period last year, the business posted ($0.71) earnings per share. The company’s quarterly revenue was up 8.7% on a year-over-year basis. Research analysts predict that Gray Media Inc. will post 2.33 EPS for the current year.

Gray Media Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.32 annualized dividend and a yield of 6.5%. Gray Media’s dividend payout ratio is presently -52.46%.

Gray Media 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.