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

Shares of Gray Media Inc. (NYSE:GTN) have received a consensus recommendation of “Hold” from the six brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $7.8750.

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

Gray Media Price Performance

Shares of NYSE:GTN traded up $0.01 on Friday, reaching $4.12. 2,304,656 shares of the company traded hands, compared to its average volume of 1,427,598. The stock has a market capitalization of $423.79 million, a PE ratio of -2.70 and a beta of 0.93. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.20 and a quick ratio of 1.20. The company’s 50 day moving average is $4.28 and its 200-day moving average is $4.64. Gray Media has a fifty-two week low of $3.50 and a fifty-two week high of $6.43.

Gray Media (NYSE:GTN) last issued 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 return on equity of 3.07% and a negative net margin of 3.12%.The company had revenue of $768.00 million during the quarter, compared to analyst estimates of $768.05 million. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. As a group, analysts anticipate that Gray Media will post 1.8 earnings per share for the current fiscal year.

Gray Media Announces Dividend

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

Insider Activity

In other news, Director Richard Lee Boger sold 57,000 shares of the business’s stock in a transaction on 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 $20,200.40. The trade was a 92.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Gray Media

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC raised its position in Gray Media by 7.4% during the first quarter. Empowered Funds LLC now owns 464,859 shares of the company’s stock valued at $2,008,000 after acquiring an additional 32,173 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Gray Media in the 1st quarter valued at $28,000. Creative Planning boosted its holdings 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 purchasing an additional 9,358 shares in the last quarter. Cetera Investment Advisers increased its position in Gray Media by 19.7% during the second quarter. Cetera Investment Advisers now owns 91,032 shares of the company’s stock worth $412,000 after buying an additional 14,976 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in Gray Media by 7.0% during the second quarter. Rhumbline Advisers now owns 145,450 shares of the company’s stock valued at $659,000 after buying an additional 9,575 shares in the last quarter. Institutional investors 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.