Gray Media Inc. (NYSE:GTN) Given Consensus Rating of “Hold” by Analysts

Gray Media Inc. (NYSE:GTN) has been given an average rating of “Hold” by the six brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $7.8750.

Several research analysts have commented on the company. Weiss Ratings downgraded Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 15th. Wall Street Zen upgraded Gray Media from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. 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 note on Friday, May 15th. Wells Fargo & Company boosted their price target on Gray Media from $5.50 to $6.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. Finally, Barrington Research reissued an “outperform” rating and issued a $6.50 price objective on shares of Gray Media in a research note on Tuesday, April 28th.

Insider Buying and Selling at Gray Media

In related news, Director Richard Lee Boger sold 57,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $4.40, for a total value of $250,800.00. Following the completion of the sale, the director owned 4,591 shares in the company, valued at approximately $20,200.40. This represents a 92.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Gray Media

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its holdings in shares of Gray Media by 55.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company’s stock worth $13,932,000 after acquiring an additional 1,025,133 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Gray Media by 23.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after buying an additional 994,474 shares during the period. Penn Capital Management Company LLC boosted its position in shares of Gray Media by 43.6% during the third quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock worth $18,758,000 after buying an additional 983,415 shares during the period. DSC Meridian Capital LP acquired a new position in Gray Media during the third quarter valued at approximately $5,432,000. Finally, AQR Capital Management LLC boosted its position in Gray Media by 76.6% during the second quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company’s stock valued at $6,169,000 after purchasing an additional 590,704 shares during the last quarter. Institutional investors own 78.64% of the company’s stock.

Gray Media Trading Up 2.8%

Shares of NYSE GTN opened at $3.91 on Wednesday. Gray Media has a one year low of $3.50 and a one year high of $6.43. The firm has a market capitalization of $401.19 million, a PE ratio of -2.55 and a beta of 0.95. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.72. The business has a 50-day moving average price of $4.69 and a two-hundred day moving average price of $4.73.

Gray Media (NYSE:GTN) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.02). The firm had revenue of $768.00 million for the quarter, compared to analyst estimates of $768.05 million. Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.07%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. As a group, analysts predict that Gray Media will post 1.8 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.2%. Gray Media’s payout ratio is presently -20.92%.

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.