Gray Media (NYSE:GTN) Reaches New 12-Month High – What’s Next?

Gray Media Inc. (NYSE:GTN) shares reached a new 52-week high on Tuesday . The stock traded as high as $6.44 and last traded at $6.3720, with a volume of 92964 shares trading hands. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GTN. Barrington Research reaffirmed an “outperform” rating and set a $6.50 target price on shares of Gray Media in a research note on Tuesday, March 3rd. Zacks Research cut shares of Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Wells Fargo & Company lifted their price objective on shares of Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Benchmark lifted their price objective on shares of Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.13.

Gray Media Stock Performance

The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.66. The business’s 50 day moving average is $4.95 and its 200 day moving average is $4.82. The stock has a market capitalization of $658.48 million, a PE ratio of -4.49 and a beta of 0.90.

Gray Media (NYSE:GTN) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. The firm had revenue of $792.00 million during the quarter, compared to analysts’ expectations of $780.50 million. During the same period in the previous year, the company earned $1.59 EPS. The firm’s revenue for the quarter was down 24.2% compared to the same quarter last year. On average, equities research analysts predict that Gray Media Inc. will post 2.58 earnings per share for the current fiscal year.

Gray Media Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.0%. Gray Media’s payout ratio is currently -22.54%.

Hedge Funds Weigh In On Gray Media

Large investors have recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in shares of Gray Media during the 1st quarter worth about $28,000. Merit Financial Group LLC purchased a new stake in Gray Media in the 3rd quarter valued at about $59,000. CANADA LIFE ASSURANCE Co boosted its position in Gray Media by 68.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after buying an additional 4,217 shares during the period. M&T Bank Corp purchased a new stake in Gray Media in the 4th quarter valued at about $51,000. Finally, Wealth Alliance LLC purchased a new stake in Gray Media in the 3rd quarter valued at about $63,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

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.