Bailard Inc. Purchases Shares of 83,000 Gray Media Inc. (NYSE:GTN)

Bailard Inc. purchased a new position in shares of Gray Media Inc. (NYSE:GTN - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 83,000 shares of the company's stock, valued at approximately $359,000. Bailard Inc. owned 0.08% of Gray Media at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Two Sigma Investments LP grew its stake in shares of Gray Media by 102.3% during the 4th quarter. Two Sigma Investments LP now owns 176,644 shares of the company's stock worth $556,000 after acquiring an additional 89,319 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Gray Media in the fourth quarter valued at $425,000. D. E. Shaw & Co. Inc. bought a new position in Gray Media in the fourth quarter valued at $402,000. EntryPoint Capital LLC increased its stake in Gray Media by 925.7% in the 4th quarter. EntryPoint Capital LLC now owns 169,670 shares of the company's stock valued at $534,000 after buying an additional 153,128 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Gray Media by 49.2% during the 4th 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 buying an additional 117,827 shares in the last quarter. 78.64% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several research analysts recently commented on GTN shares. Wells Fargo & Company increased their price target on Gray Media from $4.00 to $4.50 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Wall Street Zen raised Gray Media from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Benchmark lowered 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 Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Gray Media presently has a consensus rating of "Hold" and an average target price of $6.17.

Gray Media Price Performance

GTN stock traded up $0.39 during trading on Wednesday, reaching $5.31. 1,315,945 shares of the company were exchanged, compared to its average volume of 1,435,484. Gray Media Inc. has a twelve month low of $2.91 and a twelve month high of $6.61. The company has a debt-to-equity ratio of 2.48, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $538.97 million, a price-to-earnings ratio of 2.30 and a beta of 1.19. The company has a 50-day moving average of $4.41 and a two-hundred day moving average of $4.04.

Gray Media (NYSE:GTN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.26. The firm had revenue of $782.00 million during the quarter, compared to the consensus estimate of $772.71 million. Gray Media had a net margin of 7.72% and a return on equity of 12.75%. The company's revenue for the quarter was down 5.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 earnings per share. As a group, equities analysts predict that Gray Media Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.03%. Gray Media's dividend payout ratio (DPR) is presently 13.85%.

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.