Gray Media (NYSE:GTN) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Gray Media (NYSE:GTN) from a hold rating to a buy rating in a research report report published on Saturday morning,Wall Street Zen reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings upgraded Gray Media from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, September 25th. Zacks Research upgraded Gray Media from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.88.

Gray Media Stock Down 5.9%

Shares of Gray Media stock opened at $4.54 on Friday. Gray Media has a twelve month low of $3.55 and a twelve month high of $6.43. The stock has a market cap of $468.04 million, a price-to-earnings ratio of -7.45, a price-to-earnings-growth ratio of 0.09 and a beta of 1.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73. The company has a fifty day moving average price of $4.76 and a 200 day moving average price of $4.53.

Gray Media (NYSE:GTN) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%. The company had revenue of $839.00 million for the quarter, compared to analysts’ expectations of $795.13 million. During the same quarter in the previous year, the firm posted ($0.71) earnings per share. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. Equities research analysts forecast that Gray Media will post 2.35 earnings per share for the current fiscal year.

Gray Media Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 7.0%. Gray Media’s payout ratio is -52.46%.

Institutional Investors Weigh In On Gray Media

Institutional investors and hedge funds have recently bought and sold shares of the business. Miller Value Partners LLC acquired a new position in Gray Media in the second quarter valued at approximately $28,756,000. BlackRock Inc. acquired a new stake in shares of Gray Media during the 2nd quarter worth approximately $27,789,000. Bank of New York Mellon Corp lifted its holdings in shares of Gray Media by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,168,991 shares of the company’s stock worth $5,073,000 after purchasing an additional 16,833 shares during the last quarter. DSC Meridian Capital LP bought a new stake in shares of Gray Media in the 2nd quarter worth approximately $3,731,000. Finally, Invst LLC acquired a new position in Gray Media during the 2nd quarter valued at approximately $2,338,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

About Gray Media

Gray Media, Inc (NYSE:GTN), formerly known as Gray Television, is a multimedia company focused on local television broadcasting and digital media. The company owns and operates local television stations across the United States, providing news, weather, sports, entertainment and other programming to communities in its service areas.

In addition to its broadcast stations, Gray Media operates digital platforms and produces original content for local and national audiences. Its businesses also include production and distribution activities, allowing the company to serve viewers through over-the-air television, cable and satellite providers, websites, mobile applications and streaming platforms.

Gray Media traces its history to 1946, when it began with a single radio station in Albany, Georgia.