Gray Media Inc. (NYSE:GTN) Shareholders to Get $0.08 Quarterly Dividend

Gray Media Inc. (NYSE:GTN) declared a quarterly dividend on Friday, November 6th. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.08 per share on Thursday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 6.5%. The ex-dividend date is Tuesday, December 15th.

Gray Media has a payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Gray Media to earn ($0.73) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -43.8%.

Gray Media Stock Performance

GTN stock opened at $4.89 on Friday. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.95 and a current ratio of 0.95. Gray Media has a one year low of $3.55 and a one year high of $6.43. The firm has a 50-day simple moving average of $4.65 and a two-hundred day simple moving average of $4.59. The firm has a market cap of $504.09 million, a price-to-earnings ratio of -8.02, a PEG ratio of 0.09 and a beta of 1.01.

Gray Media (NYSE:GTN) last announced its quarterly earnings data on Friday, November 6th. The company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.20). The business had revenue of $972.00 million during the quarter, compared to analyst estimates of $955.75 million. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The company’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.24) EPS. On average, equities analysts forecast that Gray Media will post 2.35 EPS for the current fiscal year.

Analysts Set New Price Targets

GTN has been the topic of several recent research reports. Zacks Research lowered shares of Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 28th. Wall Street Zen downgraded shares of Gray Media from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings lowered Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, October 9th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Gray Media currently has an average rating of “Hold” and an average target price of $7.88.

Gray Media Company Profile

Gray Media, formerly known as Gray Television, is a multimedia company that owns and operates local television stations and related digital media properties in markets across the United States. Its stations provide local news, weather, sports, public affairs and entertainment programming, while also distributing content through websites, mobile platforms and other digital channels.

The company’s broadcast portfolio includes affiliates of major networks such as ABC, CBS, NBC, FOX and The CW, as well as independent and specialty stations.