Gray Media (NYSE:GTN) Price Target Raised to $8.00 at Guggenheim

Gray Media (NYSE:GTN) had its target price raised by Guggenheim from $7.00 to $8.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently weighed in on GTN. Barrington Research reiterated an “outperform” rating and issued a $6.50 price target on shares of Gray Media in a research report on Tuesday. Zacks Research raised Gray Media from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Weiss Ratings reissued a “sell (d+)” rating on shares of Gray Media in a report on Monday, December 29th. Benchmark boosted their price target on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Wall Street Zen raised shares of Gray Media from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $8.13.

Gray Media Stock Up 8.0%

GTN opened at $5.65 on Wednesday. The stock has a fifty day moving average of $4.68 and a 200-day moving average of $5.03. The company has a market capitalization of $576.81 million, a P/E ratio of -3.98 and a beta of 0.85. Gray Media has a fifty-two week low of $3.13 and a fifty-two week high of $6.30. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27.

Gray Media (NYSE:GTN) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. The business had revenue of $792.00 million for the quarter, compared to analyst estimates of $780.50 million. During the same period last year, the firm earned $1.59 earnings per share. Gray Media’s revenue for the quarter was down 24.2% compared to the same quarter last year. On average, equities analysts expect that Gray Media will post 3.32 EPS for the current year.

Gray Media Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Friday, March 13th. Gray Media’s dividend payout ratio is currently -22.54%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Empowered Funds LLC boosted its stake in shares of Gray Media by 7.4% in the 1st quarter. Empowered Funds LLC now owns 464,859 shares of the company’s stock valued at $2,008,000 after purchasing an additional 32,173 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Gray Media in the first quarter valued at approximately $28,000. Atria Investments Inc grew its stake in shares of Gray Media by 19.1% during the second quarter. Atria Investments Inc now owns 86,324 shares of the company’s stock worth $391,000 after buying an additional 13,837 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Gray Media during the second quarter worth $363,000. Finally, Pekin Hardy Strauss Inc. acquired a new position in shares of Gray Media during the second quarter worth $138,000. 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.