Gray Media’s (GTN) “Outperform” Rating Reaffirmed at Barrington Research

Barrington Research reissued their outperform rating on shares of Gray Media (NYSE:GTN) in a report published on Tuesday,Benzinga reports. They currently have a $6.50 target price on the stock.

Other equities analysts also recently issued research reports about the stock. Benchmark raised their target price on shares of Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Zacks Research upgraded Gray Media from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a research report on Saturday. Wells Fargo & Company upped their target price on Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.88.

Gray Media Stock Performance

NYSE GTN opened at $5.21 on Tuesday. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.27 and a quick ratio of 1.27. Gray Media has a 1-year low of $3.13 and a 1-year high of $6.30. The firm has a market capitalization of $531.89 million, a P/E ratio of -3.67 and a beta of 0.85. The business’s 50-day simple moving average is $4.67 and its 200-day simple moving average is $5.03.

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

Gray Media Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend is Friday, March 13th. Gray Media’s payout ratio is presently -22.54%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GTN. Empowered Funds LLC increased its holdings in Gray Media by 7.4% during the 1st quarter. Empowered Funds LLC now owns 464,859 shares of the company’s stock worth $2,008,000 after purchasing an additional 32,173 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Gray Media during the first quarter worth approximately $28,000. Nisa Investment Advisors LLC increased its stake in shares of Gray Media by 215.7% in the second quarter. Nisa Investment Advisors LLC now owns 49,280 shares of the company’s stock worth $223,000 after buying an additional 33,672 shares during the last quarter. Atria Investments Inc raised its holdings in Gray Media by 19.1% in the second quarter. Atria Investments Inc now owns 86,324 shares of the company’s stock valued at $391,000 after acquiring an additional 13,837 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in Gray Media in the second quarter valued at $363,000. Hedge funds and other institutional investors 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.