Gray Media (NYSE:GTN) Sets New 12-Month High – What’s Next?

Shares of Gray Media Inc. (NYSE:GTN) reached a new 52-week high on Tuesday . The stock traded as high as $6.44 and last traded at $6.3720, with a volume of 92964 shares traded. The stock had previously closed at $6.18.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barrington Research reaffirmed an “outperform” rating and set a $6.50 price target on shares of Gray Media in a research report on Tuesday, March 3rd. Zacks Research cut Gray Media from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Benchmark upped their price target on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Guggenheim upped their price target on Gray Media from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Gray Media presently has an average rating of “Hold” and a consensus price target of $8.13.

Gray Media Price Performance

The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.66. The business has a 50-day moving average price of $5.00 and a 200 day moving average price of $4.83. The stock has a market cap of $632.51 million, a PE ratio of -4.29 and a beta of 0.90.

Gray Media (NYSE:GTN) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The firm had revenue of $792.00 million for the quarter, compared to analysts’ expectations of $780.50 million. During the same quarter in the prior year, the firm earned $1.59 EPS. The business’s revenue for the quarter was down 24.2% compared to the same quarter last year. As a group, research analysts forecast that Gray Media Inc. will post 2.58 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date was Friday, March 13th. Gray Media’s payout ratio is presently -22.54%.

Institutional Trading of Gray Media

A number of hedge funds and other institutional investors have recently made changes to their positions in GTN. Empowered Funds LLC raised its stake in shares of Gray Media by 7.4% during the 1st quarter. Empowered Funds LLC now owns 464,859 shares of the company’s stock valued at $2,008,000 after purchasing an additional 32,173 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Gray Media during the 1st quarter valued at $28,000. Creative Planning raised its stake in shares of Gray Media by 17.3% during the 2nd quarter. Creative Planning now owns 63,544 shares of the company’s stock valued at $288,000 after purchasing an additional 9,358 shares during the period. Cetera Investment Advisers raised its stake in shares of Gray Media by 19.7% during the 2nd quarter. Cetera Investment Advisers now owns 91,032 shares of the company’s stock valued at $412,000 after purchasing an additional 14,976 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of Gray Media by 7.0% during 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. 78.64% of the stock is currently owned by institutional investors.

About Gray Media

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.