589,000 Shares in Gray Media Inc. $GTN Bought by Invst LLC

Invst LLC bought a new stake in shares of Gray Media Inc. (NYSE:GTN) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 589,000 shares of the company’s stock, valued at approximately $2,338,000.

A number of other hedge funds have also recently bought and sold shares of GTN. Miller Value Partners LLC acquired a new stake in Gray Media in the 2nd quarter worth $28,756,000. PDT Partners LLC bought a new stake in shares of Gray Media in the second quarter valued at about $49,000. Canada Pension Plan Investment Board acquired a new stake in Gray Media during the second quarter worth about $153,000. DSC Meridian Capital LP bought a new position in Gray Media during the second quarter valued at about $3,731,000. Finally, Legal & General Group Plc bought a new position in Gray Media during the second quarter valued at about $32,000. 78.64% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on GTN shares. Guggenheim reduced their price objective on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Wall Street Zen raised shares of Gray Media from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Weiss Ratings restated a “sell (d)” rating on shares of Gray Media in a research note on Wednesday, August 12th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $6.50 price objective on shares of Gray Media in a report on Tuesday, April 28th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Gray Media presently has a consensus rating of “Hold” and a consensus price target of $7.88.

Gray Media Stock Up 2.1%

Shares of NYSE GTN opened at $5.03 on Wednesday. Gray Media Inc. has a 12-month low of $3.55 and a 12-month high of $6.43. The firm’s 50-day simple moving average is $4.24 and its 200 day simple moving average is $4.57. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. The company has a market cap of $517.47 million, a price-to-earnings ratio of -8.24, a price-to-earnings-growth ratio of 0.10 and a beta of 0.94.

Gray Media (NYSE:GTN) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The firm had revenue of $839.00 million during the quarter, compared to analysts’ expectations of $795.13 million. During the same quarter last year, the company posted ($0.71) EPS. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, research analysts expect that Gray Media Inc. will post 2.33 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date is Tuesday, September 15th. Gray Media’s dividend payout ratio (DPR) is presently -52.46%.

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.