Empowered Funds LLC Takes Position in Gray Media Inc. $GTN

Empowered Funds LLC purchased a new stake in shares of Gray Media Inc. (NYSE:GTN) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 462,801 shares of the company’s stock, valued at approximately $1,837,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Miller Value Partners LLC purchased a new stake in Gray Media in the second quarter worth about $28,756,000. BlackRock Inc. purchased a new position in Gray Media during the 2nd quarter valued at about $27,789,000. Bank of New York Mellon Corp bought a new stake in shares of Gray Media in the 2nd quarter valued at about $4,603,000. Goldman Sachs Group Inc. raised its holdings in shares of Gray Media by 55.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company’s stock valued at $13,932,000 after purchasing an additional 1,025,133 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Gray Media by 23.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after purchasing an additional 994,474 shares during the period. 78.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GTN has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Gray Media in a research note on Wednesday, August 12th. Wall Street Zen raised Gray Media from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Guggenheim cut their price target on Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, May 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, the company presently has an average rating of “Hold” and a consensus price target of $7.88.

Gray Media Stock Up 1.0%

Gray Media stock opened at $4.98 on Friday. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $512.84 million, a price-to-earnings ratio of -8.16, a PEG ratio of 0.10 and a beta of 0.96. Gray Media Inc. has a 1-year low of $3.55 and a 1-year high of $6.43. The business has a fifty day moving average price of $4.39 and a 200-day moving average price of $4.58.

Gray Media (NYSE:GTN) last announced its earnings results on Friday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.The company had revenue of $839.00 million for the quarter, compared to analyst estimates of $795.13 million. During the same period in the prior year, the company posted ($0.71) EPS. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities research analysts forecast that Gray Media Inc. will post 2.33 EPS for the current fiscal year.

Gray Media Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 6.4%. Gray Media’s dividend payout ratio is -52.46%.

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.