311,446 Shares in Gray Media Inc. $GTN Purchased by Man Group plc

Man Group plc bought a new stake in Gray Media Inc. (NYSE:GTN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 311,446 shares of the company’s stock, valued at approximately $1,236,000.

Several other large investors have also recently bought and sold shares of the stock. Empowered Funds LLC lifted its stake in shares of Gray Media by 7.4% in the 1st quarter. Empowered Funds LLC now owns 464,859 shares of the company’s stock worth $2,008,000 after acquiring an additional 32,173 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Gray Media in the 1st quarter worth approximately $28,000. Creative Planning grew its position in Gray Media by 17.3% in the second quarter. Creative Planning now owns 63,544 shares of the company’s stock worth $288,000 after buying an additional 9,358 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Gray Media by 19.7% in the 2nd quarter. Cetera Investment Advisers now owns 91,032 shares of the company’s stock worth $412,000 after acquiring an additional 14,976 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Gray Media by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 145,450 shares of the company’s stock valued at $659,000 after purchasing an additional 9,575 shares during the period. Institutional investors and hedge funds own 78.64% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on GTN. Guggenheim decreased their target price on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, May 15th. Wall Street Zen raised shares of Gray Media from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Gray Media in a report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Gray Media currently has an average rating of “Hold” and an average price target of $7.88.

Gray Media Trading Up 4.1%

NYSE GTN opened at $4.93 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73. Gray Media Inc. has a 1-year low of $3.55 and a 1-year high of $6.43. The firm’s fifty day simple moving average is $4.37 and its 200-day simple moving average is $4.58. The company has a market capitalization of $508.21 million, a PE ratio of -8.09, a price-to-earnings-growth ratio of 0.10 and a beta of 0.96.

Gray Media (NYSE:GTN) last released its quarterly earnings data on Friday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.The firm had revenue of $839.00 million during the quarter, compared to analysts’ expectations of $795.13 million. During the same quarter last year, the firm earned ($0.71) earnings per share. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Gray Media Inc. will post 2.33 earnings per share for the current fiscal year.

Gray Media Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 6.5%. Gray Media’s payout ratio is presently -52.46%.

Gray Media 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.