Envestnet Asset Management Inc. Trims Stake in Gray Media Inc. $GTN

Envestnet Asset Management Inc. lessened its position in Gray Media Inc. (NYSE:GTN) by 16.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 375,137 shares of the company’s stock after selling 76,298 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.37% of Gray Media worth $1,699,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC boosted its holdings in shares of Gray Media by 292.4% during the 1st quarter. HighTower Advisors LLC now owns 205,016 shares of the company’s stock valued at $886,000 after buying an additional 152,766 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Gray Media by 17.7% in the 1st quarter. Russell Investments Group Ltd. now owns 496,295 shares of the company’s stock worth $2,144,000 after acquiring an additional 74,696 shares in the last quarter. Nuveen LLC purchased a new position in Gray Media during the 1st quarter valued at about $2,876,000. Charles Schwab Investment Management Inc. boosted its stake in Gray Media by 60.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,956,635 shares of the company’s stock worth $8,453,000 after acquiring an additional 734,085 shares in the last quarter. Finally, KLP Kapitalforvaltning AS boosted its stake in Gray Media by 481.0% during the first quarter. KLP Kapitalforvaltning AS now owns 79,600 shares of the company’s stock worth $344,000 after acquiring an additional 65,900 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Guggenheim lifted their target price on shares of Gray Media from $6.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, August 14th. Benchmark raised their price objective on Gray Media from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Wells Fargo & Company boosted their target price on Gray Media from $5.00 to $5.50 and gave the stock an “equal weight” rating in a report on Monday, November 10th. Barrington Research restated an “outperform” rating and set a $6.50 price target on shares of Gray Media in a report on Tuesday, September 23rd. Finally, Weiss Ratings lowered Gray Media from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, November 13th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $7.25.

Insider Activity

In other news, Director Richard Lee Boger sold 20,000 shares of Gray Media stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $5.82, for a total value of $116,400.00. Following the completion of the sale, the director directly owned 61,343 shares in the company, valued at $357,016.26. The trade was a 24.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 15.22% of the stock is currently owned by insiders.

Gray Media Stock Performance

Shares of GTN opened at $4.71 on Thursday. The business’s fifty day simple moving average is $5.11 and its two-hundred day simple moving average is $4.91. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 2.56. Gray Media Inc. has a 12 month low of $2.91 and a 12 month high of $6.30. The company has a market cap of $480.32 million, a price-to-earnings ratio of 3.12 and a beta of 1.15.

Gray Media (NYSE:GTN) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.17. Gray Media had a return on equity of 10.31% and a net margin of 5.64%.The firm had revenue of $749.00 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the previous year, the business earned $0.86 earnings per share. The company’s revenue was down 21.2% on a year-over-year basis. Gray Media has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. Research analysts anticipate that Gray Media Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, December 15th. This represents a $0.32 annualized dividend and a yield of 6.8%. Gray Media’s dividend payout ratio is currently 78.05%.

Gray Media Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.