Penn Capital Management Company LLC Sells 112,236 Shares of Gray Media Inc. $GTN

Penn Capital Management Company LLC decreased its stake in Gray Media Inc. (NYSE:GTN) by 3.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,503,974 shares of the company’s stock after selling 112,236 shares during the period. Penn Capital Management Company LLC’s holdings in Gray Media were worth $13,937,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Miller Value Partners LLC purchased a new position in shares of Gray Media during the 2nd quarter valued at about $28,756,000. BlackRock Inc. purchased a new stake in Gray Media in the 2nd quarter worth approximately $27,789,000. Bank of New York Mellon Corp purchased a new stake in Gray Media in the 2nd quarter worth approximately $4,603,000. Goldman Sachs Group Inc. raised its stake in Gray Media by 55.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company’s stock worth $13,932,000 after acquiring an additional 1,025,133 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Gray Media by 23.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after acquiring an additional 994,474 shares during the period. Institutional investors own 78.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GTN. Wall Street Zen upgraded shares of Gray Media from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Weiss Ratings restated a “sell (d)” rating on shares of Gray Media in a research note on Wednesday, August 12th. Finally, Guggenheim dropped their target price 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 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, the company currently has an average rating of “Hold” and an average target price of $7.88.

Gray Media Stock Up 1.5%

Shares of GTN opened at $4.86 on Friday. The business’s 50 day moving average is $4.31 and its 200 day moving average is $4.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73. Gray Media Inc. has a 12-month low of $3.55 and a 12-month high of $6.43. The company has a market capitalization of $500.50 million, a PE ratio of -7.97, a price-to-earnings-growth ratio of 0.10 and a beta of 0.94.

Gray Media (NYSE:GTN) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, topping 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 business had revenue of $839.00 million during the quarter, compared to the consensus estimate of $795.13 million. During the same period in the prior year, the company posted ($0.71) EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Research analysts expect that Gray Media Inc. will post 2.33 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 6.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Gray Media’s payout ratio is -52.46%.

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.