Gray Media Inc. (NYSE:GTN) Holdings Trimmed by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Gray Media by 27.7%, selling 138,412 shares and holding 361,588 shares worth approximately $1.56 million after the sale.
• Gray Media reported a quarterly loss of ($0.23) EPS, beating estimates and achieving revenues of $782 million, despite a 5.0% decline year-over-year.
• The company declared a quarterly dividend of $0.08 per share, resulting in an annualized yield of 6.77%, with a low dividend payout ratio of 13.85%.

Allianz Asset Management GmbH lessened its holdings in shares of Gray Media Inc. (NYSE:GTN - Free Report) by 27.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 361,588 shares of the company's stock after selling 138,412 shares during the period. Allianz Asset Management GmbH owned 0.36% of Gray Media worth $1,562,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Two Sigma Investments LP raised its holdings in shares of Gray Media by 102.3% during the fourth quarter. Two Sigma Investments LP now owns 176,644 shares of the company's stock valued at $556,000 after buying an additional 89,319 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Gray Media during the fourth quarter valued at approximately $425,000. D. E. Shaw & Co. Inc. bought a new stake in Gray Media during the fourth quarter worth approximately $402,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Gray Media by 49.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 357,198 shares of the company's stock worth $1,125,000 after purchasing an additional 117,827 shares in the last quarter. Finally, Graham Capital Management L.P. bought a new stake in Gray Media during the fourth quarter worth approximately $584,000. Institutional investors own 78.64% of the company's stock.

Insider Transactions at Gray Media

In other news, CFO Jeffrey R. Gignac acquired 12,500 shares of the stock in a transaction on Thursday, June 5th. The shares were purchased at an average cost of $3.68 per share, for a total transaction of $46,000.00. Following the transaction, the chief financial officer owned 644,599 shares in the company, valued at approximately $2,372,124.32. This trade represents a 1.98% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 15.22% of the company's stock.

Gray Media Price Performance

NYSE:GTN traded down $0.05 during midday trading on Friday, hitting $4.46. 1,344,856 shares of the stock were exchanged, compared to its average volume of 1,474,492. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.48. The company has a market capitalization of $452.87 million, a price-to-earnings ratio of 1.93 and a beta of 1.19. Gray Media Inc. has a one year low of $2.91 and a one year high of $6.16. The business has a 50-day moving average price of $4.54 and a two-hundred day moving average price of $4.10.

Gray Media (NYSE:GTN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.26. The firm had revenue of $782.00 million for the quarter, compared to analyst estimates of $772.71 million. Gray Media had a net margin of 7.72% and a return on equity of 12.75%. The firm's quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.79 earnings per share. Sell-side analysts predict that Gray Media Inc. will post 3.32 EPS for the current year.

Gray Media Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a $0.08 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.32 annualized dividend and a yield of 7.2%. Gray Media's payout ratio is 13.85%.

Wall Street Analyst Weigh In

GTN has been the topic of several recent analyst reports. Benchmark dropped their target price on Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Wall Street Zen raised Gray Media from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Wells Fargo & Company boosted their target price on Gray Media from $4.00 to $4.50 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Gray Media presently has an average rating of "Hold" and a consensus price target of $6.17.

About Gray Media

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.