Gray Media (NYSE:GTN) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Gray Media (NYSE:GTN) from a buy rating to a hold rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Other equities analysts have also issued research reports about the stock. Guggenheim dropped their target price on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Weiss Ratings reiterated a “sell (d)” rating on shares of Gray Media in a research note on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.88.

Gray Media Stock Down 0.8%

NYSE GTN opened at $4.94 on Friday. The stock’s 50 day moving average is $4.42 and its 200 day moving average is $4.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73. Gray Media has a 12 month low of $3.55 and a 12 month high of $6.43. The stock has a market cap of $508.72 million, a PE ratio of -8.10, a P/E/G ratio of 0.10 and a beta of 0.96.

Gray Media (NYSE:GTN) last posted its quarterly earnings results 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 business had revenue of $839.00 million during the quarter, compared to the consensus estimate of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.71) EPS. Research analysts predict that Gray Media will post 2.33 EPS for the current fiscal year.

Gray Media Dividend Announcement

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 paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.32 dividend on an annualized basis and a yield of 6.5%. Gray Media’s payout ratio is presently -52.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GTN. Cetera Investment Advisers grew its holdings in shares of Gray Media by 3.7% in the first quarter. Cetera Investment Advisers now owns 69,392 shares of the company’s stock valued at $301,000 after purchasing an additional 2,477 shares in the last quarter. Parallel Advisors LLC increased 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 purchasing an additional 2,873 shares during the last quarter. Deutsche Bank AG raised its stake in Gray Media by 6.0% during the fourth quarter. Deutsche Bank AG now owns 54,507 shares of the company’s stock valued at $264,000 after purchasing an additional 3,066 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Gray Media by 68.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after purchasing an additional 4,217 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its position in Gray Media by 24.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock valued at $104,000 after purchasing an additional 4,278 shares during the last quarter. 78.64% of the stock is currently owned by institutional investors.

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.