Gray Media (NYSE:GTN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Gray Media (NYSE:GTN) from a sell rating to a hold rating in a research report released on Friday morning.

Other research analysts have also issued reports about the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Benchmark upped their price objective on shares of Gray Media from $9.00 to $10.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, Wells Fargo & Company raised their target price on Gray Media from $5.00 to $5.50 and gave the company an “equal weight” rating in a research note on Monday, November 10th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.25.

Gray Media Stock Down 4.1%

Shares of Gray Media stock opened at $4.34 on Friday. The stock’s 50-day moving average is $4.77 and its 200 day moving average is $5.09. Gray Media has a one year low of $3.13 and a one year high of $6.30. The firm has a market cap of $442.56 million, a price-to-earnings ratio of 10.57 and a beta of 0.89. The company has a debt-to-equity ratio of 2.60, a current ratio of 0.93 and a quick ratio of 0.93.

Gray Media (NYSE:GTN) last issued its earnings results on Friday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.17. The business had revenue of $749.00 million during the quarter, compared to the consensus estimate of $745.25 million. Gray Media had a return on equity of 5.50% and a net margin of 2.81%.The firm’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 earnings per share. Equities research analysts anticipate that Gray Media will post 3.32 EPS for the current year.

Gray Media Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were paid a dividend of $0.08 per share. The ex-dividend date was Monday, December 15th. This represents a $0.32 dividend on an annualized basis and a yield of 7.4%. Gray Media’s payout ratio is 78.05%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GTN. Prudential Financial Inc. boosted its holdings in Gray Media by 94.7% during the 2nd quarter. Prudential Financial Inc. now owns 907,347 shares of the company’s stock worth $4,110,000 after acquiring an additional 441,290 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Gray Media during the second quarter valued at about $363,000. Public Employees Retirement System of Ohio boosted its holdings in Gray Media by 80.2% during the second quarter. Public Employees Retirement System of Ohio now owns 31,633 shares of the company’s stock worth $143,000 after purchasing an additional 14,079 shares during the last quarter. Bailard Inc. boosted its holdings in Gray Media by 29.4% during the second quarter. Bailard Inc. now owns 107,400 shares of the company’s stock worth $487,000 after purchasing an additional 24,400 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Gray Media by 34.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 665,877 shares of the company’s stock worth $3,016,000 after purchasing an additional 169,582 shares in the last quarter. Institutional investors own 78.64% of the company’s stock.

Gray Media Company 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.