Penn Capital Management Company LLC Sells 112,236 Shares of Gray Media Inc. $GTN

Penn Capital Management Company LLC lowered its holdings in Gray Media Inc. (NYSE:GTN) by 3.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,503,974 shares of the company’s stock after selling 112,236 shares during the quarter. Penn Capital Management Company LLC owned 3.40% of Gray Media worth $13,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Management Corp VA increased its holdings in Gray Media by 4.1% in the 4th quarter. Capital Management Corp VA now owns 6,149,022 shares of the company’s stock worth $29,761,000 after buying an additional 242,525 shares in the last quarter. Sei Investments Co. lifted its stake in Gray Media by 137.4% during the 1st quarter. Sei Investments Co. now owns 461,674 shares of the company’s stock valued at $2,004,000 after acquiring an additional 267,218 shares during the period. Miller Value Partners LLC bought a new position in Gray Media during the 2nd quarter valued at about $28,756,000. DSC Meridian Capital LP purchased a new stake in shares of Gray Media during the 2nd quarter valued at about $3,731,000. Finally, Invst LLC purchased a new stake in shares of Gray Media during the 2nd quarter valued at about $2,338,000. 78.64% of the stock is owned by institutional investors.

Gray Media Price Performance

NYSE GTN opened at $4.86 on Friday. The company has a 50-day moving average price of $4.31 and a 200-day moving average price of $4.58. Gray Media Inc. has a 52 week low of $3.55 and a 52 week high of $6.43. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. The firm has a market capitalization of $500.50 million, a P/E ratio of -7.97, a PEG ratio of 0.10 and a beta of 0.94.

Gray Media (NYSE:GTN) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The company 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 firm’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.71) earnings per share. Equities research analysts anticipate that Gray Media Inc. will post 2.33 earnings per share for the current year.

Gray Media Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.08 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.32 annualized dividend and a yield of 6.6%. Gray Media’s dividend payout ratio (DPR) is presently -52.46%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GTN. Guggenheim decreased their price objective on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, May 15th. Weiss Ratings restated a “sell (d)” rating on shares of Gray Media in a report on Wednesday, August 12th. Finally, Wall Street Zen raised shares of Gray Media from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $7.88.

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.