Gray Media Inc. (NYSE:GTN) Receives $7.75 Average PT from Analysts

Shares of Gray Media Inc. (NYSE:GTN) have been given an average rating of “Moderate Buy” by the six analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $8.1250.

GTN has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Gray Media from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Wells Fargo & Company increased their target price on Gray Media from $5.50 to $6.00 and gave the company an “equal weight” rating in a report on Monday. Zacks Research raised Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 28th. Benchmark lifted their price target on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th.

Hedge Funds Weigh In On Gray Media

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTN. Acadian Asset Management LLC acquired a new stake in shares of Gray Media in the first quarter valued at about $28,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Gray Media by 68.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after purchasing an additional 4,217 shares during the last quarter. M&T Bank Corp bought a new stake in Gray Media during the 4th quarter valued at approximately $51,000. AXQ Capital LP acquired a new stake in Gray Media in the 4th quarter valued at approximately $54,000. Finally, Engineers Gate Manager LP bought a new position in Gray Media in the 4th quarter worth approximately $55,000. Institutional investors own 78.64% of the company’s stock.

Gray Media Stock Up 8.0%

GTN opened at $5.65 on Monday. The stock’s 50 day moving average price is $4.68 and its 200 day moving average price is $5.03. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.27 and a quick ratio of 1.27. The stock has a market cap of $576.81 million, a P/E ratio of -3.98 and a beta of 0.85. Gray Media has a 12 month low of $3.13 and a 12 month high of $6.30.

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

Gray Media Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Friday, March 13th. Gray Media’s payout ratio 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.