Gray Media Inc. (NYSE:GTN) Given Average Recommendation of “Hold” by Brokerages

Shares of Gray Media Inc. (NYSE:GTN) have received a consensus rating of “Hold” from the six analysts that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $8.1250.

A number of brokerages have issued reports on GTN. Wells Fargo & Company increased their price objective on shares of Gray Media from $5.50 to $6.00 and gave the company an “equal weight” rating in a report on Monday, March 2nd. Barrington Research restated an “outperform” rating and set a $6.50 target price on shares of Gray Media in a research report on Tuesday, March 3rd. Guggenheim raised their target price on shares of Gray Media from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Wall Street Zen upgraded shares of Gray Media from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th.

Hedge Funds Weigh In On Gray Media

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

Gray Media Stock Performance

NYSE GTN opened at $5.38 on Monday. The firm has a market cap of $549.24 million, a price-to-earnings ratio of -3.79 and a beta of 0.85. 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 business has a 50-day moving average price of $4.70 and a 200-day moving average price of $5.03. Gray Media has a twelve month low of $3.13 and a twelve month high of $6.30.

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, beating the consensus estimate of ($0.28) by $0.04. Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The company had revenue of $792.00 million for the quarter, compared to the consensus estimate of $780.50 million. During the same quarter last year, the company earned $1.59 EPS. The firm’s quarterly revenue was down 24.2% on a year-over-year basis. As a group, equities research analysts predict that Gray Media will post 3.32 EPS for the current fiscal year.

Gray Media Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, March 13th. Gray Media’s payout ratio is -22.54%.

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.