Gray Media (NYSE:GTN) Shares Down 6.1% – Time to Sell?

Shares of Gray Media Inc. (NYSE:GTN) were down 6.1% during trading on Monday . The stock traded as low as $5.08 and last traded at $5.0450. 162,683 shares were traded during trading, a decline of 88% from the average session volume of 1,372,306 shares. The stock had previously closed at $5.37.

Wall Street Analysts Forecast Growth

GTN has been the subject of several recent analyst reports. Barrington Research reaffirmed an “outperform” rating and issued a $6.50 target price on shares of Gray Media in a report on Tuesday, April 28th. Wall Street Zen upgraded shares of Gray Media from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Weiss Ratings downgraded shares of Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 15th. Finally, Guggenheim decreased their price objective on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, May 15th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.88.

Gray Media Trading Down 7.0%

The stock has a 50-day simple moving average of $4.01 and a two-hundred day simple moving average of $4.52. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $513.19 million, a PE ratio of -8.13 and a beta of 0.94.

Gray Media (NYSE:GTN) last posted 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. The business had revenue of $839.00 million for the quarter, compared to analysts’ expectations of $795.13 million. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.71) EPS. As a group, sell-side analysts anticipate that Gray Media Inc. will post 1.85 EPS for the current year.

Gray Media Announces Dividend

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

Insiders Place Their Bets

In related news, Director Richard Lee Boger sold 57,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $4.40, for a total value of $250,800.00. Following the sale, the director owned 4,591 shares in the company, valued at approximately $20,200.40. This trade represents a 92.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gray Media

A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC purchased a new position in shares of Gray Media in the 1st quarter worth $28,000. Parallel Advisors LLC increased its position in Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock valued at $34,000 after acquiring an additional 2,873 shares during the last quarter. Abel Hall LLC purchased a new stake in Gray Media during the first quarter valued at $49,000. CANADA LIFE ASSURANCE Co lifted its holdings in Gray Media by 68.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after acquiring an additional 4,217 shares during the period. Finally, M&T Bank Corp bought a new position in Gray Media in the fourth quarter valued at about $51,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

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.