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

Gray Media Inc. (NYSE:GTN) has received a consensus recommendation of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $7.8750.

A number of research firms have recently issued reports on GTN. Weiss Ratings cut Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 15th. Guggenheim lowered their price target on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Wall Street Zen upgraded shares of Gray Media from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Barrington Research reissued an “outperform” rating and issued a $6.50 price target on shares of Gray Media in a research report on Tuesday, April 28th.

Gray Media Stock Performance

GTN traded up $0.01 during trading on Friday, hitting $4.12. The stock had a trading volume of 2,304,656 shares, compared to its average volume of 1,427,598. 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 company has a 50 day simple moving average of $4.28 and a 200-day simple moving average of $4.64. The firm has a market cap of $423.79 million, a PE ratio of -2.70 and a beta of 0.93. Gray Media has a 12 month low of $3.50 and a 12 month high of $6.43.

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

Gray Media Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 7.8%. The ex-dividend date was Monday, June 15th. Gray Media’s dividend payout ratio (DPR) is presently -20.92%.

Insider Buying and Selling at Gray Media

In other Gray Media news, Director Richard Lee Boger sold 57,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $4.40, for a total transaction of $250,800.00. Following the transaction, the director directly owned 4,591 shares in the company, valued at approximately $20,200.40. This represents a 92.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC acquired a new stake in shares of Gray Media during the first quarter worth $28,000. Parallel Advisors LLC boosted its position in Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock valued at $34,000 after purchasing an additional 2,873 shares during the last quarter. Abel Hall LLC acquired a new position in Gray Media during the first quarter worth $49,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of Gray Media by 68.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after purchasing an additional 4,217 shares during the period. Finally, M&T Bank Corp acquired a new stake in shares of Gray Media in the fourth quarter valued at approximately $51,000. 78.64% of the stock is 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.