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

Shares of Gray Media Inc. (NYSE:GTN) have been given an average rating of “Hold” by the six analysts that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $8.1250.

GTN has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Benchmark raised their target price on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Wells Fargo & Company upped their price target on Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Zacks Research cut Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Finally, Barrington Research restated an “outperform” rating and set a $6.50 price objective on shares of Gray Media in a report on Tuesday, March 3rd.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GTN. Goldman Sachs Group Inc. boosted its holdings in shares of Gray Media by 55.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company’s stock worth $13,932,000 after buying an additional 1,025,133 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Gray Media by 23.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after buying an additional 994,474 shares during the last quarter. Penn Capital Management Company LLC raised its position in Gray Media by 43.6% in the third quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock worth $18,758,000 after acquiring an additional 983,415 shares during the period. DSC Meridian Capital LP bought a new stake in Gray Media in the third quarter worth about $5,432,000. Finally, AQR Capital Management LLC boosted its stake in Gray Media by 76.6% in the second quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company’s stock valued at $6,169,000 after acquiring an additional 590,704 shares during the last quarter. 78.64% of the stock is owned by institutional investors.

Gray Media Trading Down 1.7%

NYSE GTN opened at $4.36 on Friday. The firm has a market capitalization of $451.96 million, a PE ratio of -3.07 and a beta of 0.85. The business’s 50-day moving average price is $4.74 and its two-hundred day moving average price is $4.87. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.66. Gray Media has a 12 month low of $3.13 and a 12 month high of $6.30.

Gray Media (NYSE:GTN) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $780.50 million. During the same quarter last year, the business earned $1.59 EPS. The company’s revenue was down 24.2% compared to the same quarter last year. On average, analysts expect that Gray Media will post 3.32 EPS for the current year.

Gray Media Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.32 annualized dividend and a dividend yield of 7.3%. Gray Media’s dividend payout ratio is -22.54%.

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.