462,801 Shares in Gray Media Inc. $GTN Purchased by Empowered Funds LLC

Key Points

• Empowered Funds LLC purchased 462,801 Gray Media shares valued at approximately $1.84 million, giving it a 0.45% stake. Institutional investors collectively own 78.64% of the company.
• Gray Media reported quarterly revenue of $839 million, up 8.7% year over year, and earnings of $0.21 per share, beating analyst expectations. The stock opened at $4.98 and offers a quarterly dividend of $0.08 per share, representing a 6.4% annualized yield.
• Analyst sentiment remains mixed, with ratings ranging from sell to buy; the stock has an overall “Hold” rating and an average price target of $7.88.

Empowered Funds LLC purchased a new stake in shares of Gray Media Inc. (NYSE:GTN - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 462,801 shares of the company's stock, valued at approximately $1,837,000. Empowered Funds LLC owned about 0.45% of Gray Media at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in GTN. Cetera Investment Advisers grew its holdings in shares of Gray Media by 3.7% in the first quarter. Cetera Investment Advisers now owns 69,392 shares of the company's stock valued at $301,000 after purchasing an additional 2,477 shares in the last quarter. Parallel Advisors LLC raised its stake in Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company's stock valued at $34,000 after purchasing an additional 2,873 shares in the last quarter. Deutsche Bank AG raised its stake in Gray Media by 6.0% during the fourth quarter. Deutsche Bank AG now owns 54,507 shares of the company's stock valued at $264,000 after purchasing an additional 3,066 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Gray Media by 68.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company's stock valued at $50,000 after purchasing an additional 4,217 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its position in Gray Media by 24.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company's stock valued at $104,000 after purchasing an additional 4,278 shares during the last quarter. Institutional investors own 78.64% of the company's stock.

Gray Media Stock Up 1.0%

NYSE GTN opened at $4.98 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. The company has a fifty day moving average of $4.39 and a two-hundred day moving average of $4.58. The firm has a market capitalization of $512.84 million, a price-to-earnings ratio of -8.16, a PEG ratio of 0.10 and a beta of 0.96. Gray Media Inc. has a 52 week low of $3.55 and a 52 week high of $6.43.

Gray Media (NYSE:GTN - Get Free Report) last announced its earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. The business had revenue of $839.00 million for the quarter, compared to the consensus estimate of $795.13 million. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The business's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.71) earnings per share. On average, analysts predict that Gray Media Inc. will post 2.33 earnings per share for the current year.

Gray Media Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.4%. The ex-dividend date is Tuesday, September 15th. Gray Media's dividend payout ratio is presently -52.46%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GTN. Guggenheim reduced their target price on shares of Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Friday, May 15th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Gray Media in a report on Wednesday, August 12th. Finally, Wall Street Zen upgraded Gray Media from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Gray Media currently has an average rating of "Hold" and an average price target of $7.88.

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.

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