Gray Media (NYSE:GTN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Gray Media (NYSE:GTN) from a hold rating to a buy rating in a research note published on Saturday morning.

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Gray Media in a report on Wednesday, August 12th. Barrington Research reiterated an “outperform” rating and set a $6.50 price target on shares of Gray Media in a research note on Tuesday, April 28th. Finally, Guggenheim decreased their price objective on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, May 15th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Gray Media has an average rating of “Hold” and an average price target of $7.88.

Gray Media Stock Performance

NYSE GTN opened at $4.98 on Friday. The company has a fifty day simple moving average of $4.13 and a 200 day simple moving average of $4.55. Gray Media has a 12-month low of $3.55 and a 12-month high of $6.43. 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 market cap of $512.84 million, a P/E ratio of -8.16, a PEG ratio of 0.11 and a beta of 0.94.

Gray Media (NYSE:GTN) last released its quarterly earnings data on Friday, August 7th. The company reported $0.21 earnings per share 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 revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.71) earnings per share. Sell-side analysts predict that Gray Media will post 2.33 earnings per share for the current fiscal year.

Gray Media Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Gray Media’s payout ratio is currently -52.46%.

Institutional Trading of Gray Media

Several institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC bought a new position in shares of Gray Media during the first quarter valued at about $28,000. Parallel Advisors LLC boosted its holdings in Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock worth $34,000 after purchasing an additional 2,873 shares during the last quarter. Legal & General Group Plc purchased a new position in Gray Media during the second quarter worth about $32,000. CANADA LIFE ASSURANCE Co grew its position in Gray Media by 68.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after purchasing an additional 4,217 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in Gray Media in the 4th quarter worth about $51,000. 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.