Gray Media Inc. (NYSE:GTN) Receives $7.88 Average Target Price from Analysts

Shares of Gray Media Inc. (NYSE:GTN) have been assigned an average rating of “Hold” from the six brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $7.8750.

GTN has been the subject of several recent research reports. Weiss Ratings cut Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 15th. Guggenheim dropped their price target on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Wall Street Zen raised shares of Gray Media from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Barrington Research restated an “outperform” rating and issued a $6.50 price objective on shares of Gray Media in a report on Tuesday, April 28th.

Gray Media Trading Up 0.1%

GTN traded up $0.01 during mid-day trading on Friday, reaching $3.77. The stock had a trading volume of 501,775 shares, compared to its average volume of 1,424,688. The stock has a market capitalization of $387.84 million, a P/E ratio of -2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.20 and a current ratio of 1.20. The firm’s fifty day simple moving average is $4.10 and its two-hundred day simple moving average is $4.60. Gray Media has a 52 week low of $3.50 and a 52 week high of $6.43.

Gray Media (NYSE:GTN) last released its earnings results on Thursday, May 7th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). The firm had revenue of $768.00 million for the quarter, compared to the consensus estimate of $768.05 million. Gray Media had a negative return on equity of 3.07% and a negative net margin of 3.12%.The company’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.23) EPS. On average, equities analysts predict that Gray Media will post 1.8 EPS for the current year.

Gray Media Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.08 per share. The ex-dividend date was Monday, June 15th. This represents a $0.32 annualized dividend and a dividend yield of 8.5%. Gray Media’s payout ratio is presently -20.92%.

Insider Buying and Selling at Gray Media

In other news, Director Richard Lee Boger sold 57,000 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $4.40, for a total value of $250,800.00. Following the transaction, the director directly owned 4,591 shares in the company, valued at $20,200.40. This trade represents a 92.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 currently owned by company insiders.

Hedge Funds Weigh In On Gray Media

Several hedge funds have recently added to or reduced their stakes in GTN. Acadian Asset Management LLC acquired a new position in shares of Gray Media during the 1st quarter worth about $28,000. Parallel Advisors LLC raised its position in shares of Gray Media by 57.1% in the 1st quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock valued at $34,000 after acquiring an additional 2,873 shares during the period. Abel Hall LLC acquired a new stake in shares of Gray Media in the 1st quarter valued at approximately $49,000. CANADA LIFE ASSURANCE Co grew its holdings 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 during the period. Finally, M&T Bank Corp bought a new stake in Gray Media in the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

About Gray Media

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.