Gray Media (NYSE:GTN) Upgraded at Zacks Research

Zacks Research upgraded shares of Gray Media (NYSE:GTN) from a hold rating to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Several other research firms also recently weighed in on GTN. Weiss Ratings reiterated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Benchmark lifted their target price on Gray Media from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Wells Fargo & Company upped their target price on Gray Media from $5.00 to $5.50 and gave the company an “equal weight” rating in a research report on Monday, November 10th. Finally, Wall Street Zen raised shares of Gray Media from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Gray Media presently has a consensus rating of “Moderate Buy” and an average price target of $7.25.

Gray Media Stock Up 5.0%

NYSE:GTN opened at $4.51 on Wednesday. The company has a market cap of $459.92 million, a PE ratio of 10.99 and a beta of 0.89. Gray Media has a twelve month low of $3.13 and a twelve month high of $6.30. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 2.60. The company’s 50 day moving average is $4.73 and its two-hundred day moving average is $5.06.

Gray Media (NYSE:GTN) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.17. The business had revenue of $749.00 million during the quarter, compared to analysts’ expectations of $745.25 million. Gray Media had a net margin of 2.81% and a return on equity of 5.50%. The business’s quarterly revenue was down 21.2% on a year-over-year basis. During the same quarter last year, the company posted $0.86 earnings per share. Analysts anticipate that Gray Media will post 3.32 EPS for the current year.

Gray Media Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 7.1%. The ex-dividend date was Monday, December 15th. Gray Media’s dividend payout ratio (DPR) is currently 78.05%.

Institutional Investors Weigh In On Gray Media

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FNY Investment Advisers LLC lifted its stake in shares of Gray Media by 27.4% in the 4th quarter. FNY Investment Advisers LLC now owns 13,000 shares of the company’s stock valued at $62,000 after purchasing an additional 2,799 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Gray Media by 6.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 59,957 shares of the company’s stock valued at $333,000 after buying an additional 3,493 shares in the last quarter. Nebula Research & Development LLC raised its position in shares of Gray Media by 4.6% in the second quarter. Nebula Research & Development LLC now owns 129,984 shares of the company’s stock worth $589,000 after acquiring an additional 5,686 shares during the period. Choreo LLC boosted its stake in shares of Gray Media by 20.4% during the 2nd quarter. Choreo LLC now owns 36,576 shares of the company’s stock worth $166,000 after acquiring an additional 6,202 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Gray Media during the 1st quarter valued at about $28,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.