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

Shares of Gray Media Inc. (NYSE:GTN) have been assigned a consensus rating of “Hold” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $7.8750.

A number of brokerages recently commented on GTN. Guggenheim decreased their price target 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. Barrington Research reissued an “outperform” rating and issued a $6.50 target price on shares of Gray Media in a report on Tuesday, April 28th. Weiss Ratings cut shares of Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 15th. Finally, Wall Street Zen raised shares of Gray Media from a “sell” rating to a “hold” rating in a report on Sunday, May 17th.

Insider Activity

In other news, Director Richard Lee Boger sold 57,000 shares of the business’s stock in a transaction on 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 owned 4,591 shares of the company’s stock, valued at approximately $20,200.40. The trade was a 92.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 8.95% of the company’s stock.

Hedge Funds Weigh In On Gray Media

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Management Corp VA grew its holdings 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 purchasing an additional 242,525 shares during the last quarter. Penn Capital Management Company LLC increased its stake in shares of 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 valued at $18,758,000 after buying an additional 983,415 shares during the period. WINTON GROUP Ltd bought a new position in Gray Media in the 3rd quarter valued at approximately $1,007,000. Miller Value Partners LLC raised its holdings in Gray Media by 12.1% in the 4th quarter. Miller Value Partners LLC now owns 3,988,495 shares of the company’s stock valued at $19,304,000 after buying an additional 430,280 shares during the last quarter. Finally, Aristeia Capital L.L.C. acquired a new stake in Gray Media during the 4th quarter worth approximately $757,000. Institutional investors own 78.64% of the company’s stock.

Gray Media Price Performance

Shares of Gray Media stock opened at $3.77 on Friday. Gray Media has a twelve month low of $3.50 and a twelve month high of $6.43. 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 50-day simple moving average of $4.13 and a two-hundred day simple moving average of $4.60. The stock has a market capitalization of $386.82 million, a price-to-earnings ratio of -2.46 and a beta of 0.93.

Gray Media (NYSE:GTN) last posted 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). The company had revenue of $768.00 million for the quarter, compared to the consensus estimate of $768.05 million. Gray Media had a negative return on equity of 3.07% and a negative net margin of 3.12%.Gray Media’s revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.23) EPS. Analysts forecast that Gray Media will post 1.8 EPS for the current year.

Gray Media Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.5%. The ex-dividend date of this dividend was Monday, June 15th. Gray Media’s dividend payout ratio (DPR) is currently -20.92%.

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.