Gray Media Inc. (NYSE:GTN) Receives $7.88 Average Target Price from Brokerages

Shares of Gray Media Inc. (NYSE:GTN) have earned an average rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $7.8750.

A number of analysts have issued reports on the company. Benchmark raised their price target on Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Wall Street Zen upgraded Gray Media from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Weiss Ratings lowered Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 15th. Barrington Research restated an “outperform” rating and set a $6.50 price objective on shares of Gray Media in a research note on Tuesday, April 28th. Finally, Zacks Research lowered Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th.

Gray Media Stock Up 0.2%

GTN opened at $3.93 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.72. The firm has a market cap of $403.67 million, a P/E ratio of -2.57 and a beta of 0.95. Gray Media has a 52 week low of $3.50 and a 52 week high of $6.43. The business’s fifty day simple moving average is $4.72 and its 200 day simple moving average is $4.75.

Gray Media (NYSE:GTN) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). The company 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 revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.23) EPS. As a group, equities research analysts anticipate that Gray Media will post 1.8 EPS for the current fiscal year.

Gray Media Announces Dividend

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 $0.08 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.32 annualized dividend and a dividend yield of 8.1%. Gray Media’s dividend payout ratio (DPR) is presently -20.92%.

Insider Activity at Gray Media

In other news, Director Richard Lee Boger sold 57,000 shares of Gray Media stock in a transaction that occurred on 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 transaction, the director owned 4,591 shares in the company, valued at approximately $20,200.40. This trade represents a 92.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 8.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GTN. Goldman Sachs Group Inc. grew its position in shares of Gray Media by 55.3% in the 4th 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. grew its position in shares of Gray Media by 23.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after acquiring an additional 994,474 shares in the last quarter. Penn Capital Management Company LLC grew its position in shares of Gray Media by 43.6% in the 3rd quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock worth $18,758,000 after acquiring an additional 983,415 shares in the last quarter. DSC Meridian Capital LP acquired a new position in shares of Gray Media in the 3rd quarter worth approximately $5,432,000. Finally, AQR Capital Management LLC grew its position in shares of Gray Media by 76.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company’s stock worth $6,169,000 after acquiring an additional 590,704 shares in the last quarter. Institutional investors and hedge funds 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.