Analysts Set Gray Media Inc. (NYSE:GTN) Target Price at $8.13

Gray Media Inc. (NYSE:GTN) has been assigned a consensus rating of “Hold” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $8.1250.

A number of equities research analysts have weighed in on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Gray Media in a report on Monday, December 29th. Benchmark boosted their target price on shares of Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Wall Street Zen raised shares of Gray Media from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Guggenheim raised their target price on shares of Gray Media from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Finally, Zacks Research lowered shares of Gray Media from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th.

Institutional Investors Weigh In On Gray Media

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allianz Asset Management GmbH increased its stake in Gray Media by 155.8% in 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 lifted its stake in Gray Media by 36.7% during the third quarter. New York State Common Retirement Fund now owns 1,881,087 shares of the company’s stock valued at $10,873,000 after buying an additional 504,780 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Gray Media during the third quarter valued at about $1,560,000. Prudential Financial Inc. boosted its holdings in shares of Gray Media by 94.7% in the second quarter. Prudential Financial Inc. now owns 907,347 shares of the company’s stock worth $4,110,000 after buying an additional 441,290 shares during the period. Finally, Penn Capital Management Company LLC boosted its holdings in shares of Gray Media by 43.6% in the third quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock worth $18,758,000 after buying an additional 983,415 shares during the period. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Media Stock Down 0.2%

GTN opened at $4.57 on Friday. Gray Media has a one year low of $3.13 and a one year high of $6.30. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27. The stock’s fifty day moving average is $4.74 and its 200-day moving average is $4.89. The company has a market capitalization of $474.38 million, a PE ratio of -3.22 and a beta of 0.85.

Gray Media (NYSE:GTN) last announced its earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.04. The business had revenue of $792.00 million during the quarter, compared to analysts’ expectations of $780.50 million. Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The company’s quarterly revenue was down 24.2% on a year-over-year basis. During the same quarter last year, the business posted $1.59 earnings per share. On average, equities analysts predict that Gray Media will post 3.32 EPS for the current fiscal year.

Gray Media Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.32 annualized dividend and a dividend yield of 7.0%. Gray Media’s dividend payout ratio (DPR) is currently -22.54%.

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.