Gray Media Inc. (NYSE:GTN) Given Average Rating of “Hold” by Brokerages

Gray Media Inc. (NYSE:GTN) has earned an average recommendation of “Hold” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $7.8750.

A number of equities analysts recently issued reports on GTN shares. Barrington Research reissued an “outperform” rating and set a $6.50 price target on shares of Gray Media in a report on Tuesday, April 28th. Zacks Research lowered Gray Media from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Benchmark raised 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. Guggenheim lowered their price target on Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Finally, Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a report on Sunday, May 17th.

Gray Media Stock Performance

NYSE GTN opened at $4.08 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.72. Gray Media has a 52-week low of $3.50 and a 52-week high of $6.43. The business’s 50-day moving average price is $4.74 and its 200 day moving average price is $4.76. The firm has a market cap of $418.67 million, a P/E ratio of -2.66 and a beta of 0.94.

Gray Media (NYSE:GTN) last released its quarterly 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). Gray Media had a negative return on equity of 3.07% and a negative net margin of 3.12%.The company had revenue of $768.00 million for the quarter, compared to analysts’ expectations of $768.05 million. During the same period in the prior year, the business earned ($0.23) EPS. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, equities research analysts expect that Gray Media will post 1.8 earnings per share for the current year.

Gray Media Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date is Monday, June 15th. Gray Media’s payout ratio is -20.92%.

Insider Activity

In other news, Director Richard Lee Boger sold 57,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $4.40, for a total transaction of $250,800.00. Following the transaction, the director directly owned 4,591 shares in the company, valued at $20,200.40. The trade was a 92.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.95% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Allianz Asset Management GmbH increased its stake in shares of Gray Media by 155.8% during the third quarter. Allianz Asset Management GmbH now owns 370,758 shares of the company’s stock worth $2,143,000 after acquiring an additional 225,843 shares during the period. Capital Management Corp VA increased its stake in shares of Gray Media by 4.1% during the fourth quarter. Capital Management Corp VA now owns 6,149,022 shares of the company’s stock worth $29,761,000 after acquiring an additional 242,525 shares during the period. Penn Capital Management Company LLC boosted its position in shares of Gray Media by 43.6% during the 3rd quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock worth $18,758,000 after purchasing an additional 983,415 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Gray Media by 176.7% during the 3rd quarter. HighTower Advisors LLC now owns 338,024 shares of the company’s stock worth $1,954,000 after purchasing an additional 215,847 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in shares of Gray Media during the 3rd quarter worth $1,007,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.