Invst LLC Buys Shares of 589,000 Gray Media Inc. $GTN

Invst LLC bought a new position in Gray Media Inc. (NYSE:GTN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 589,000 shares of the company’s stock, valued at approximately $2,338,000. Invst LLC owned about 0.57% of Gray Media at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Acadian Asset Management LLC acquired a new position in Gray Media in the first quarter worth approximately $28,000. Legal & General Group Plc bought a new stake in Gray Media in the second quarter worth approximately $32,000. Parallel Advisors LLC grew its position in Gray Media by 57.1% in the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock worth $34,000 after acquiring an additional 2,873 shares in the last quarter. Abel Hall LLC acquired a new position in shares of Gray Media during the 1st quarter worth $49,000. Finally, PDT Partners LLC acquired a new position in shares of Gray Media during the 2nd quarter worth $49,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Gray Media Price Performance

NYSE GTN opened at $5.03 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73. The company has a fifty day simple moving average of $4.24 and a 200 day simple moving average of $4.57. The company has a market cap of $517.47 million, a P/E ratio of -8.24, a P/E/G ratio of 0.10 and a beta of 0.94. Gray Media Inc. has a 1 year low of $3.55 and a 1 year high of $6.43.

Gray Media (NYSE:GTN) last announced its earnings results on Friday, August 7th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. The firm had revenue of $839.00 million for the quarter, compared to the consensus estimate of $795.13 million. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.71) EPS. On average, sell-side analysts predict that Gray Media Inc. will post 2.33 EPS for the current year.

Gray Media Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Gray Media’s dividend payout ratio (DPR) is currently -52.46%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Barrington Research reiterated an “outperform” rating and issued a $6.50 price objective on shares of Gray Media in a report on Tuesday, April 28th. Guggenheim cut their target price on 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 raised Gray Media from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Gray Media in a research note on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.88.

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.