Gray Media Inc. (NYSE:GTN) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Gray Media Inc. (NYSE:GTN) have received a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $7.88.

Several research firms have weighed in on GTN. Weiss Ratings lowered Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday. Wall Street Zen raised Gray Media from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Zacks Research upgraded shares of Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 29th.

Institutional Investors Weigh In On Gray Media

Several hedge funds have recently modified their holdings of the stock. Miller Value Partners LLC acquired a new position in Gray Media during the second quarter valued at approximately $28,756,000. BlackRock Inc. purchased a new stake in Gray Media during the second quarter worth approximately $27,789,000. Bank of New York Mellon Corp increased its position in shares of Gray Media by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 1,168,991 shares of the company’s stock worth $5,073,000 after acquiring an additional 16,833 shares in the last quarter. DSC Meridian Capital LP purchased a new position in shares of Gray Media in the 2nd quarter valued at $3,731,000. Finally, Invst LLC acquired a new position in shares of Gray Media during the 2nd quarter valued at $2,338,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Media Stock Up 0.6%

GTN traded up $0.03 during trading hours on Tuesday, hitting $4.46. 73,180 shares of the company’s stock were exchanged, compared to its average volume of 1,289,006. Gray Media has a 12-month low of $3.55 and a 12-month high of $6.43. The firm has a 50 day moving average of $4.76 and a 200 day moving average of $4.53. 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 firm has a market cap of $458.78 million, a P/E ratio of -7.30, a price-to-earnings-growth ratio of 0.09 and a beta of 1.00.

Gray Media (NYSE:GTN) last issued its earnings results on Friday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The business had revenue of $839.00 million during the quarter, compared to analysts’ expectations of $795.13 million. During the same quarter in the prior year, the business posted ($0.71) EPS. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts predict that Gray Media will post 2.35 EPS for the current fiscal year.

Gray Media Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 7.2%. The ex-dividend date of this dividend was Tuesday, September 15th. Gray Media’s dividend payout ratio (DPR) is currently -52.46%.

About Gray Media

Gray Media, Inc (NYSE:GTN), formerly known as Gray Television, is a multimedia company focused on local television broadcasting and digital media. The company owns and operates local television stations across the United States, providing news, weather, sports, entertainment and other programming to communities in its service areas.

In addition to its broadcast stations, Gray Media operates digital platforms and produces original content for local and national audiences. Its businesses also include production and distribution activities, allowing the company to serve viewers through over-the-air television, cable and satellite providers, websites, mobile applications and streaming platforms.

Gray Media traces its history to 1946, when it began with a single radio station in Albany, Georgia.