BlackRock Inc. Makes New Investment in Gray Media Inc. $GTN

Key Points

• BlackRock acquired 6,999,842 Gray Media shares worth approximately $27.8 million, giving it a 6.81% 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 EPS of $0.21, beating analyst expectations. Shares opened at $4.93, while analysts maintain a consensus “Hold” rating with an average price target of $7.88.
• The company declared a quarterly dividend of $0.08 per share, equating to an annualized dividend of $0.32 and a 6.5% yield.

BlackRock Inc. purchased a new stake in shares of Gray Media Inc. (NYSE:GTN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,999,842 shares of the company's stock, valued at approximately $27,789,000. BlackRock Inc. owned approximately 6.81% of Gray Media as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Gray Media by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 5,998,630 shares of the company's stock valued at $34,672,000 after acquiring an additional 251,419 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Gray Media by 23.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company's stock worth $25,113,000 after purchasing an additional 994,474 shares during the last quarter. Miller Value Partners LLC boosted its position in Gray Media by 12.1% during the fourth quarter. Miller Value Partners LLC now owns 3,988,495 shares of the company's stock worth $19,304,000 after purchasing an additional 430,280 shares during the period. Goldman Sachs Group Inc. boosted its position in Gray Media by 55.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company's stock worth $13,932,000 after purchasing an additional 1,025,133 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Gray Media by 76.6% during the second quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company's stock valued at $6,169,000 after purchasing an additional 590,704 shares during the last quarter. Institutional investors own 78.64% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Weiss Ratings reiterated a "sell (d)" rating on shares of Gray Media in a report on Wednesday, August 12th. Guggenheim dropped their price objective on Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Friday, May 15th. Finally, Wall Street Zen raised Gray Media from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $7.88.

Gray Media Stock Up 4.1%

Shares of NYSE GTN opened at $4.93 on Thursday. The stock has a market cap of $508.21 million, a PE ratio of -8.09, a PEG ratio of 0.10 and a beta of 0.96. The business has a fifty day moving average of $4.37 and a two-hundred day moving average of $4.58. Gray Media Inc. has a 52-week low of $3.55 and a 52-week high of $6.43. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.95 and a current ratio of 0.95.

Gray Media (NYSE:GTN - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $839.00 million for the quarter, compared to analyst estimates of $795.13 million. During the same quarter in the prior year, the firm earned ($0.71) EPS. The firm's quarterly revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts expect that Gray Media Inc. will post 2.33 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 6.5%. Gray Media's dividend payout ratio (DPR) is presently -52.46%.

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.

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