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

by · The Cerbat Gem

Wall Street Zen upgraded shares of Gray Media (NYSE:GTN – Free Report) from a sell rating to a hold rating in a research report sent to investors on Saturday.

Several other brokerages have also recently weighed in on GTN. Benchmark decreased their price objective on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Wells Fargo & Company raised their price target on Gray Media from $4.00 to $4.50 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $6.17.

Get Our Latest Research Report on GTN

Gray Media Trading Up 5.3%

NYSE:GTN opened at $5.65 on Friday. The company has a market cap of $573.19 million, a P/E ratio of 2.44 and a beta of 1.19. Gray Media has a twelve month low of $2.91 and a twelve month high of $6.61. The business has a 50 day moving average price of $4.27 and a two-hundred day moving average price of $3.94. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.48.

Gray Media (NYSE:GTN – Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.26. The business had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $772.71 million. Gray Media had a net margin of 7.72% and a return on equity of 12.75%. The firm’s revenue was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.79 earnings per share. As a group, analysts expect that Gray Media will post 3.32 EPS for the current fiscal year.

Gray Media Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.32 annualized dividend and a dividend yield of 5.67%. Gray Media’s dividend payout ratio is presently 13.85%.

Insider Activity

In other Gray Media news, CFO Jeffrey R. Gignac purchased 12,500 shares of Gray Media stock in a transaction that occurred on Thursday, June 5th. The stock was acquired at an average price of $3.68 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief financial officer owned 644,599 shares of the company’s stock, valued at approximately $2,372,124.32. This trade represents a 1.98% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 15.22% of the company’s stock.

Hedge Funds Weigh In On Gray Media

Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its stake in Gray Media by 10.1% in the 4th quarter. Bank of New York Mellon Corp now owns 970,615 shares of the company’s stock valued at $3,057,000 after buying an additional 89,385 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Gray Media by 35.4% during the fourth quarter. Victory Capital Management Inc. now owns 44,352 shares of the company’s stock worth $140,000 after acquiring an additional 11,588 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Gray Media by 20.7% during the fourth quarter. Intech Investment Management LLC now owns 32,201 shares of the company’s stock worth $101,000 after acquiring an additional 5,528 shares during the period. Virtu Financial LLC acquired a new position in shares of Gray Media in the fourth quarter valued at approximately $324,000. Finally, American Century Companies Inc. increased its stake in shares of Gray Media by 12.7% during the fourth quarter. American Century Companies Inc. now owns 124,215 shares of the company’s stock worth $391,000 after purchasing an additional 13,967 shares during the period. 78.64% of the stock is owned by institutional investors.

Gray Media Company Profile

(Get Free Report)

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.

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