Aristeia Capital L.L.C. Takes $757,000 Position in Gray Media Inc. $GTN

Aristeia Capital L.L.C. acquired a new stake in Gray Media Inc. (NYSE:GTN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 156,508 shares of the company’s stock, valued at approximately $757,000. Aristeia Capital L.L.C. owned 0.15% of Gray Media at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new position in Gray Media in the 1st quarter valued at about $28,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Gray Media by 68.2% during the fourth 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 in the last quarter. M&T Bank Corp acquired a new stake in shares of Gray Media during the fourth quarter worth about $51,000. AXQ Capital LP purchased a new position in shares of Gray Media in the fourth quarter valued at approximately $54,000. Finally, FNY Investment Advisers LLC boosted its stake in shares of Gray Media by 27.4% in the fourth quarter. FNY Investment Advisers LLC now owns 13,000 shares of the company’s stock valued at $62,000 after purchasing an additional 2,799 shares during the period. Institutional investors and hedge funds own 78.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Guggenheim cut their target price on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Barrington Research reissued an “outperform” rating and issued a $6.50 price target on shares of Gray Media in a research report on Tuesday, April 28th. Wells Fargo & Company boosted their price target 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. Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Zacks Research cut Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Gray Media currently has a consensus rating of “Hold” and a consensus target price of $7.88.

Gray Media Stock Down 4.0%

Shares of Gray Media stock opened at $3.75 on Thursday. Gray Media Inc. has a 52-week low of $3.50 and a 52-week high of $6.43. The company has a 50 day moving average of $4.67 and a 200 day moving average of $4.72. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.72. The company has a market capitalization of $384.76 million, a P/E ratio of -2.45 and a beta of 0.94.

Gray Media (NYSE:GTN) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.07%. The firm had revenue of $768.00 million during the quarter, compared to analysts’ expectations of $768.05 million. During the same period in the prior year, the company posted ($0.23) earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, research analysts forecast that Gray Media Inc. will post 1.8 EPS for the current fiscal year.

Gray Media Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 8.5%. The ex-dividend date of this dividend is Monday, June 15th. Gray Media’s payout ratio is -20.92%.

Insider Transactions at Gray Media

In other news, Director Richard Lee Boger sold 57,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $4.40, for a total transaction of $250,800.00. Following the completion of the transaction, the director directly owned 4,591 shares of the company’s stock, valued at approximately $20,200.40. This represents a 92.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 owned by company insiders.

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.