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

Shares of Gray Media Inc. (NYSE:GTN) have been given a consensus recommendation of “Hold” by the six brokerages that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $8.1250.

GTN has been the topic of several research reports. Wall Street Zen upgraded Gray Media from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research cut Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Barrington Research restated an “outperform” rating and set a $6.50 price objective on shares of Gray Media in a research note on Tuesday, March 3rd. Benchmark upped their price objective on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Wells Fargo & Company upped their price objective on Gray Media from $5.50 to $6.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd.

Gray Media Trading Down 6.7%

Shares of NYSE GTN opened at $5.69 on Tuesday. The stock’s 50 day moving average price is $5.03 and its two-hundred day moving average price is $4.84. Gray Media has a 52-week low of $3.25 and a 52-week high of $6.43. The stock has a market capitalization of $590.92 million, a P/E ratio of -4.01 and a beta of 0.90. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 2.66.

Gray Media (NYSE:GTN) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The firm had revenue of $792.00 million for the quarter, compared to analysts’ expectations of $780.50 million. During the same quarter in the prior year, the firm posted $1.59 earnings per share. Gray Media’s revenue for the quarter was down 24.2% compared to the same quarter last year. On average, analysts anticipate that Gray Media will post 2.58 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, March 13th. This represents a $0.32 annualized dividend and a yield of 5.6%. Gray Media’s dividend payout ratio is presently -22.54%.

Institutional Trading of Gray Media

Several institutional investors and hedge funds have recently bought and sold shares of GTN. Goldman Sachs Group Inc. grew its holdings in shares of Gray Media by 55.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company’s stock valued at $13,932,000 after purchasing an additional 1,025,133 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Gray Media by 23.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock valued at $25,113,000 after purchasing an additional 994,474 shares during the last quarter. Penn Capital Management Company LLC grew its holdings in shares of Gray Media by 43.6% during the third quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock valued at $18,758,000 after purchasing an additional 983,415 shares during the last quarter. DSC Meridian Capital LP bought a new position in shares of Gray Media during the third quarter valued at approximately $5,432,000. Finally, AQR Capital Management LLC grew its holdings in shares of Gray Media by 76.6% during the second quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company’s stock valued at $6,169,000 after purchasing an additional 590,704 shares during the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.