Penn Capital Management Company LLC Acquires 983,415 Shares of Gray Media Inc. $GTN

Penn Capital Management Company LLC raised its holdings in shares of Gray Media Inc. (NYSE:GTN) by 43.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,236,997 shares of the company’s stock after acquiring an additional 983,415 shares during the quarter. Gray Media accounts for approximately 1.4% of Penn Capital Management Company LLC’s investment portfolio, making the stock its 14th biggest position. Penn Capital Management Company LLC’s holdings in Gray Media were worth $18,758,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of GTN. Acadian Asset Management LLC purchased a new position in shares of Gray Media in the first quarter worth $28,000. Merit Financial Group LLC purchased a new stake in shares of Gray Media during the third quarter valued at $59,000. Wealth Alliance LLC bought a new stake in Gray Media in the 3rd quarter worth about $63,000. Man Group plc bought a new stake in Gray Media in the 3rd quarter worth about $71,000. Finally, Focus Partners Wealth purchased a new position in Gray Media in the 3rd quarter worth about $73,000. Institutional investors own 78.64% of the company’s stock.

Gray Media Trading Up 1.1%

Shares of NYSE:GTN opened at $4.67 on Wednesday. The stock’s 50-day simple moving average is $4.70 and its two-hundred day simple moving average is $4.97. The stock has a market capitalization of $476.96 million, a price-to-earnings ratio of -3.29 and a beta of 0.85. Gray Media Inc. has a 52-week low of $3.13 and a 52-week high of $6.30. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27.

Gray Media (NYSE:GTN) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, beating 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 in the prior year, the firm earned $1.59 EPS. The business’s revenue for the quarter was down 24.2% compared to the same quarter last year. Analysts expect that Gray Media Inc. will post 3.32 EPS for the current year.

Gray Media Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date of this dividend is Friday, March 13th. Gray Media’s dividend payout ratio is currently -22.54%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Zacks Research cut shares of Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Guggenheim boosted their price objective on shares of Gray Media from $7.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Benchmark increased their price objective on shares of Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Wall Street Zen upgraded shares of Gray Media from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Wells Fargo & Company lifted their target price on shares of Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research report on Monday, March 2nd. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.13.

Gray Media 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.