Gray Media Inc. (NYSE:GTN) Receives Average Rating of “Hold” from Analysts

Shares of Gray Media Inc. (NYSE:GTN) have been given a consensus recommendation of “Hold” by the six brokerages that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $7.8750.

Several equities analysts have recently issued reports on the company. Wall Street Zen lowered Gray Media from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Wells Fargo & Company boosted their target price on Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research report on Monday, March 2nd. Guggenheim decreased their target price on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Friday. Barrington Research restated an “outperform” rating and set a $6.50 target price on shares of Gray Media in a research report on Tuesday, April 28th. Finally, Weiss Ratings upgraded Gray Media from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 1st.

Hedge Funds Weigh In On Gray Media

Institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC acquired a new position in shares of Gray Media in the 1st quarter valued at approximately $28,000. Parallel Advisors LLC grew its position in shares of Gray Media by 57.1% in the 1st quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock valued at $34,000 after purchasing an additional 2,873 shares during the period. Abel Hall LLC acquired a new position in shares of Gray Media in the 1st quarter valued at approximately $49,000. CANADA LIFE ASSURANCE Co grew its position in shares of Gray Media by 68.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after purchasing an additional 4,217 shares during the period. Finally, M&T Bank Corp acquired a new position in shares of Gray Media in the 4th quarter valued at approximately $51,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Gray Media Price Performance

Gray Media stock opened at $4.13 on Friday. The firm has a market capitalization of $424.73 million, a P/E ratio of -2.70 and a beta of 1.04. Gray Media has a 1 year low of $3.50 and a 1 year high of $6.43. The business has a 50-day moving average of $5.00 and a 200-day moving average of $4.84. The company has a current ratio of 1.20, a quick ratio of 1.27 and a debt-to-equity ratio of 2.72.

Gray Media (NYSE:GTN) last posted its earnings results on Thursday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.02). The company had revenue of $768.00 million for the quarter, compared to analyst estimates of $768.05 million. Gray Media had a negative return on equity of 3.07% and a negative net margin of 3.12%.Gray Media’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.23) earnings per share. On average, equities analysts anticipate that Gray Media will post 1.8 EPS for the current year.

Gray Media Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.08 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.32 annualized dividend and a dividend yield of 7.7%. Gray Media’s payout ratio is currently -20.92%.

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.