Gray Media (NYSE:GTN) Trading Down 7.7% – Should You Sell?

Gray Media Inc. (NYSE:GTN)’s share price dropped 7.7% during trading on Monday . The stock traded as low as $4.99 and last traded at $4.9760. Approximately 1,061,357 shares traded hands during trading, a decline of 27% from the average daily volume of 1,445,190 shares. The stock had previously closed at $5.39.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GTN shares. Weiss Ratings restated a “sell (d+)” rating on shares of Gray Media in a research report on Monday, December 29th. Barrington Research reissued an “outperform” rating and set a $6.50 price target on shares of Gray Media in a research note on Tuesday, March 3rd. Guggenheim boosted their price objective on shares of Gray Media from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Benchmark increased their target price on shares of Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Wells Fargo & Company lifted their target price on shares of Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research report on Monday, March 2nd. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.13.

Gray Media Stock Down 4.2%

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 2.66. The company has a 50-day simple moving average of $4.70 and a two-hundred day simple moving average of $5.03. The stock has a market cap of $527.29 million, a P/E ratio of -3.62 and a beta of 0.85.

Gray Media (NYSE:GTN) last issued its earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $792.00 million for the quarter, compared to analysts’ expectations of $780.50 million. During the same quarter last year, the business earned $1.59 earnings per share. The business’s revenue was down 24.2% on a year-over-year basis. On average, equities analysts forecast that Gray Media Inc. will post 3.32 EPS for the current year.

Gray Media Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Friday, March 13th. Gray Media’s dividend payout ratio (DPR) is -22.54%.

Hedge Funds Weigh In On Gray Media

Hedge funds and other institutional investors have recently modified their holdings of the company. Allianz Asset Management GmbH boosted its holdings in shares of Gray Media by 155.8% during the third quarter. Allianz Asset Management GmbH now owns 370,758 shares of the company’s stock worth $2,143,000 after purchasing an additional 225,843 shares during the period. New York State Common Retirement Fund increased its holdings in Gray Media by 36.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,881,087 shares of the company’s stock valued at $10,873,000 after purchasing an additional 504,780 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Gray Media during the 3rd quarter valued at approximately $1,560,000. Prudential Financial Inc. lifted its holdings in Gray Media by 94.7% in the 2nd quarter. Prudential Financial Inc. now owns 907,347 shares of the company’s stock worth $4,110,000 after buying an additional 441,290 shares during the period. Finally, Bank of Montreal Can purchased a new stake in Gray Media in the 2nd quarter worth approximately $363,000. 78.64% of the stock is owned by institutional investors.

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.