Gray Media (NYSE:GTN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Gray Media (NYSE:GTN) from a hold rating to a buy rating in a research report report published on Saturday morning,Wall Street Zen reports.

GTN has been the topic of a number of other research reports. Zacks Research raised shares of Gray Media from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 29th. Weiss Ratings upgraded shares of Gray Media from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.88.

Gray Media Stock Down 2.5%

Gray Media stock opened at $4.42 on Friday. The firm has a market cap of $455.69 million, a price-to-earnings ratio of -7.25, a price-to-earnings-growth ratio of 0.09 and a beta of 1.00. Gray Media has a 52 week low of $3.55 and a 52 week high of $6.43. The business’s 50-day moving average price is $4.76 and its 200 day moving average price is $4.53. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73.

Gray Media (NYSE:GTN) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.21 earnings per share 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 during the quarter, compared to analysts’ expectations of $795.13 million. During the same period last year, the business earned ($0.71) earnings per share. Gray Media’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Gray Media will post 2.35 earnings per share for the current year.

Gray Media Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.2%. Gray Media’s dividend payout ratio (DPR) is -52.46%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Legal & General Group Plc purchased a new stake in Gray Media in the 2nd quarter valued at about $32,000. Parallel Advisors LLC boosted its stake in Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock worth $34,000 after buying an additional 2,873 shares during the period. Abel Hall LLC purchased a new position in Gray Media during the first quarter worth about $49,000. PDT Partners LLC purchased a new position in Gray Media during the second quarter worth about $49,000. Finally, Commonwealth Financial Services LLC purchased a new position in Gray Media during the first quarter worth about $67,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Gray Media Company Profile

Gray Media, Inc (NYSE:GTN), formerly known as Gray Television, is a multimedia company focused on local television broadcasting and digital media. The company owns and operates local television stations across the United States, providing news, weather, sports, entertainment and other programming to communities in its service areas.

In addition to its broadcast stations, Gray Media operates digital platforms and produces original content for local and national audiences. Its businesses also include production and distribution activities, allowing the company to serve viewers through over-the-air television, cable and satellite providers, websites, mobile applications and streaming platforms.

Gray Media traces its history to 1946, when it began with a single radio station in Albany, Georgia.