Bank of New York Mellon Corp Takes $4.60 Million Position in Gray Media Inc. $GTN

Bank of New York Mellon Corp purchased a new position in Gray Media Inc. (NYSE:GTN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,159,554 shares of the company's stock, valued at approximately $4,603,000. Bank of New York Mellon Corp owned 1.13% of Gray Media as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of GTN. Sei Investments Co. increased its stake in shares of Gray Media by 137.4% in the 1st quarter. Sei Investments Co. now owns 461,674 shares of the company's stock valued at $2,004,000 after purchasing an additional 267,218 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Gray Media in the 1st quarter valued at approximately $1,241,000. Aristeia Capital L.L.C. acquired a new stake in shares of Gray Media in the 4th quarter valued at approximately $757,000. Miller Value Partners LLC grew its holdings in shares of Gray Media by 12.1% during the 4th quarter. Miller Value Partners LLC now owns 3,988,495 shares of the company's stock valued at $19,304,000 after purchasing an additional 430,280 shares during the last quarter. Finally, Commonwealth Financial Services LLC bought a new stake in shares of Gray Media during the 1st quarter valued at approximately $67,000. Institutional investors own 78.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GTN. Weiss Ratings reissued a "sell (d)" rating on shares of Gray Media in a research note on Wednesday, August 12th. Guggenheim lowered their price target on shares of Gray Media from $8.00 to $7.00 and set a "buy" rating for the company in a report on Friday, May 15th. Finally, Wall Street Zen cut Gray Media from a "buy" rating to a "hold" rating in a research note on Saturday. Three 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 stock. According to MarketBeat, Gray Media has an average rating of "Hold" and a consensus price target of $7.88.

Gray Media Stock Down 0.8%

Shares of GTN opened at $4.94 on Friday. The stock's 50-day moving average price is $4.42 and its two-hundred day moving average price is $4.58. Gray Media Inc. has a 12 month low of $3.55 and a 12 month high of $6.43. The company has a market capitalization of $508.72 million, a PE ratio of -8.10, a PEG ratio of 0.10 and a beta of 0.96. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73.

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

Gray Media Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 6.5%. Gray Media's dividend payout ratio is presently -52.46%.

Gray Media 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.

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