Gray Media (NYSE:GTN) Director Sells $250,800.00 in Stock

Gray Media Inc. (NYSE:GTN) Director Richard Lee Boger sold 57,000 shares of Gray Media stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $4.40, for a total value of $250,800.00. Following the completion of the transaction, the director owned 4,591 shares of the company’s stock, valued at $20,200.40. The trade was a 92.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Gray Media Stock Performance

Shares of GTN opened at $4.08 on Friday. The stock has a 50-day simple moving average of $4.88 and a 200-day simple moving average of $4.82. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a market capitalization of $418.67 million, a PE ratio of -2.66 and a beta of 1.04. Gray Media Inc. has a 1 year low of $3.50 and a 1 year high of $6.43.

Gray Media (NYSE:GTN) last announced its quarterly earnings data 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 company had revenue of $768.00 million during the quarter, compared to analysts’ expectations of $768.05 million. Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.07%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) EPS. On average, analysts predict that Gray Media Inc. will post 1.8 earnings per share for the current fiscal year.

Gray Media Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 7.9%. The ex-dividend date is Monday, June 15th. Gray Media’s dividend payout ratio (DPR) is presently -20.92%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GTN shares. Guggenheim decreased their target price on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Wall Street Zen upgraded Gray Media from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Weiss Ratings downgraded shares of Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 15th. Benchmark boosted their price objective on shares of Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Finally, Barrington Research restated an “outperform” rating and set a $6.50 price objective on shares of Gray Media in a research report on Tuesday, April 28th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.88.

Institutional Investors Weigh In On Gray Media

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Segall Bryant & Hamill LLC acquired a new stake in Gray Media during the 1st quarter worth $1,241,000. Bank of America Corp DE lifted its stake in Gray Media by 11.6% in the first quarter. Bank of America Corp DE now owns 326,192 shares of the company’s stock valued at $1,416,000 after buying an additional 33,968 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Gray Media by 60.5% in the first quarter. Royal Bank of Canada now owns 16,573 shares of the company’s stock valued at $71,000 after acquiring an additional 6,247 shares during the period. Empowered Funds LLC boosted its holdings in shares of Gray Media by 10.0% in the first quarter. Empowered Funds LLC now owns 507,486 shares of the company’s stock valued at $2,202,000 after acquiring an additional 46,054 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of Gray Media by 137.4% in the first quarter. Sei Investments Co. now owns 461,674 shares of the company’s stock valued at $2,004,000 after acquiring an additional 267,218 shares during the period. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.