Richard Lee Boger Sells 57,000 Shares of Gray Media (NYSE:GTN) Stock

Gray Media Inc. (NYSE:GTN) Director Richard Lee Boger sold 57,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $4.40, for a total transaction of $250,800.00. Following the completion of the sale, the director owned 4,591 shares of the company’s stock, valued at $20,200.40. This trade represents a 92.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Gray Media Stock Performance

Shares of GTN stock traded up $0.16 during trading on Thursday, reaching $4.13. 1,533,564 shares of the company’s stock were exchanged, compared to its average volume of 1,412,127. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.72. The stock has a market capitalization of $423.80 million, a PE ratio of -2.70 and a beta of 1.04. Gray Media Inc. has a twelve month low of $3.50 and a twelve month high of $6.43. The firm’s fifty day moving average price is $4.92 and its 200-day moving average price is $4.83.

Gray Media (NYSE:GTN) last posted its earnings results on Thursday, May 7th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). The business 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%.The firm’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.23) earnings per share. As a group, sell-side analysts anticipate that Gray Media Inc. will post 1.8 EPS for the current year.

Gray Media Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date is Monday, June 15th. Gray Media’s dividend payout ratio (DPR) is currently -20.92%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GTN shares. Zacks Research cut shares of Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Weiss Ratings cut shares of Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 15th. Wells Fargo & Company raised their target price on shares of Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Benchmark upped their target price on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $6.50 target price on shares of Gray Media in a research report on Tuesday, April 28th. Three 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.88.

Institutional Investors Weigh In On Gray Media

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allianz Asset Management GmbH grew its position in shares of Gray Media by 155.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 370,758 shares of the company’s stock worth $2,143,000 after purchasing an additional 225,843 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Gray Media by 36.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,881,087 shares of the company’s stock worth $10,873,000 after purchasing an additional 504,780 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Gray Media during the 3rd quarter worth approximately $1,560,000. Capital Management Corp VA raised 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 valued at $29,761,000 after acquiring an additional 242,525 shares in the last quarter. Finally, Penn Capital Management Company LLC raised its holdings in Gray Media by 43.6% in the 3rd quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock valued at $18,758,000 after acquiring an additional 983,415 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.