Gray Media Inc. (NYSE:GTN) Receives Consensus Recommendation of “Hold” from Analysts

Gray Media Inc. (NYSE:GTN) has received an average recommendation of “Hold” from the six ratings firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $7.88.

GTN has been the topic of a number of analyst reports. Wall Street Zen cut Gray Media from a “buy” rating to a “hold” rating in a research note on Saturday, September 5th. Weiss Ratings reissued a “sell (d)” rating on shares of Gray Media in a research note on Wednesday, August 12th.

Hedge Funds Weigh In On Gray Media

A number of hedge funds have recently modified their holdings of the company. Miller Value Partners LLC purchased a new position in Gray Media during the 2nd quarter valued at $28,756,000. BlackRock Inc. purchased a new stake in shares of Gray Media in the 2nd quarter worth about $27,789,000. Bank of New York Mellon Corp bought a new stake in shares of Gray Media during the 2nd quarter valued at about $4,603,000. DSC Meridian Capital LP bought a new stake in shares of Gray Media during the 2nd quarter valued at about $3,731,000. Finally, Invst LLC purchased a new position in shares of Gray Media during the second quarter valued at about $2,338,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Media Stock Down 0.4%

Shares of NYSE:GTN opened at $4.56 on Friday. The stock’s 50-day moving average price is $4.64 and its 200-day moving average price is $4.54. Gray Media has a 12-month low of $3.55 and a 12-month high of $6.43. The stock has a market capitalization of $469.90 million, a P/E ratio of -7.48, a price-to-earnings-growth ratio of 0.10 and a beta of 0.96. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73.

Gray Media (NYSE:GTN) last released its earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $839.00 million during the quarter, compared to analyst estimates of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.Gray Media’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.71) EPS. On average, equities analysts anticipate that Gray Media will post 2.31 earnings per share for the current year.

Gray Media Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Gray Media’s dividend payout ratio (DPR) is -52.46%.

Gray Media Company Profile

Gray Media, Inc (NYSE: GTN) is a media company that owns and operates local television stations and digital media properties across the United States. Its stations provide local news, weather, sports, investigative reporting and community programming, while also carrying programming from major broadcast networks, including ABC, CBS, NBC, FOX and The CW.

The company’s operations include television broadcasting, digital publishing, video production and related media services. Gray Media also produces and distributes original content through its local stations and other media platforms, serving audiences in a range of metropolitan and regional markets.

Founded as Gray Television in 1946, the company expanded through acquisitions and organic growth before adopting the Gray Media name.