Sei Investments Co. Raises Stake in Gray Media Inc. $GTN

Sei Investments Co. increased its position in Gray Media Inc. (NYSE:GTN) by 137.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 461,674 shares of the company’s stock after buying an additional 267,218 shares during the period. Sei Investments Co.’s holdings in Gray Media were worth $2,004,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GTN. Cetera Investment Advisers boosted its position in Gray Media by 3.7% during the first quarter. Cetera Investment Advisers now owns 69,392 shares of the company’s stock worth $301,000 after acquiring an additional 2,477 shares during the last quarter. Parallel Advisors LLC raised 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 acquiring an additional 2,873 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Gray Media by 6.0% during the 4th quarter. Deutsche Bank AG now owns 54,507 shares of the company’s stock worth $264,000 after purchasing an additional 3,066 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in shares of 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 purchasing an additional 4,217 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in shares of Gray Media by 24.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock worth $104,000 after purchasing an additional 4,278 shares during the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Key Stories Impacting Gray Media

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.

Insiders Place Their Bets

In other Gray Media news, Director Richard Lee Boger sold 57,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $4.40, for a total value of $250,800.00. Following the completion of the transaction, the director owned 4,591 shares in the company, valued at $20,200.40. This represents a 92.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 corporate insiders.

Gray Media Stock Down 0.5%

Shares of NYSE GTN opened at $5.34 on Monday. The stock has a fifty day moving average price of $4.01 and a 200 day moving average price of $4.52. 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 Inc. has a 12-month low of $3.50 and a 12-month high of $6.43. The company has a market cap of $548.73 million, a P/E ratio of -8.76 and a beta of 0.94.

Gray Media (NYSE:GTN) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $839.00 million for the quarter, compared to analysts’ expectations of $795.13 million. During the same quarter in the previous year, the firm posted ($0.71) earnings per share. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. Research analysts anticipate that Gray Media Inc. will post 1.85 EPS for the current fiscal year.

Gray Media Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given 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 6.0%. Gray Media’s payout ratio is -52.46%.

Analyst Ratings Changes

A number of brokerages have recently commented on GTN. Barrington Research reaffirmed an “outperform” rating and issued a $6.50 price objective on shares of Gray Media in a research report on Tuesday, April 28th. Guggenheim reduced their target price on Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Weiss Ratings lowered Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 15th. Finally, Wall Street Zen upgraded Gray Media from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Three 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.88.

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.