Capital Management Corp VA Purchases 242,525 Shares of Gray Media Inc. $GTN

Key Points

• Capital Management Corp VA added 242,525 shares, bringing its stake to 6,149,022 shares (about 6.02% ownership), making Gray Media its third-largest holding and ~4.9% of the firm's portfolio.
• Gray Media beat Q4 estimates with EPS of -$0.24 (vs. -$0.28) and revenue of $792M, though revenue fell 24.2% year-over-year; the company pays a quarterly dividend of $0.08 (annualized yield ~5.6%).
• Analysts are mixed: the consensus rating is a Hold with an average target of $8.13 (3 Buys, 2 Holds, 1 Sell), while institutional ownership is high at 78.64% and the company shows elevated leverage (debt-to-equity 2.66) and a negative PE.

Capital Management Corp VA increased its position in shares of Gray Media Inc. (NYSE:GTN - Free Report) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,149,022 shares of the company's stock after buying an additional 242,525 shares during the quarter. Gray Media comprises about 4.9% of Capital Management Corp VA's portfolio, making the stock its 3rd biggest position. Capital Management Corp VA owned approximately 6.02% of Gray Media worth $29,761,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Allianz Asset Management GmbH increased its stake in Gray Media by 155.8% in the 3rd quarter. Allianz Asset Management GmbH now owns 370,758 shares of the company's stock worth $2,143,000 after purchasing an additional 225,843 shares during the period. New York State Common Retirement Fund increased its stake in Gray Media by 36.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,881,087 shares of the company's stock worth $10,873,000 after purchasing an additional 504,780 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Gray Media in the 3rd quarter worth approximately $1,560,000. Penn Capital Management Company LLC increased its stake in Gray Media by 43.6% in the 3rd quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company's stock worth $18,758,000 after purchasing an additional 983,415 shares during the period. Finally, HighTower Advisors LLC increased its stake in Gray Media by 176.7% in the 3rd quarter. HighTower Advisors LLC now owns 338,024 shares of the company's stock worth $1,954,000 after purchasing an additional 215,847 shares during the period. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Media Price Performance

GTN opened at $5.68 on Friday. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27. Gray Media Inc. has a 52-week low of $3.45 and a 52-week high of $6.43. The stock has a market capitalization of $588.95 million, a PE ratio of -4.00 and a beta of 1.04. The stock's 50 day moving average price is $5.11 and its 200-day moving average price is $4.85.

Gray Media (NYSE:GTN - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The firm had revenue of $792.00 million for the quarter, compared to analysts' expectations of $780.50 million. During the same period in the previous year, the firm earned $1.59 earnings per share. The business's revenue was down 24.2% compared to the same quarter last year. On average, equities research analysts predict that Gray Media Inc. will post 2.2 EPS for the current year.

Gray Media Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a dividend of $0.08 per share. The ex-dividend date was Friday, March 13th. This represents a $0.32 annualized dividend and a dividend yield of 5.6%. Gray Media's payout ratio is currently -22.54%.

Analyst Ratings Changes

A number of equities analysts have commented on GTN shares. Zacks Research cut Gray Media from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Wells Fargo & Company lifted their price target on Gray Media from $5.50 to $6.00 and gave the stock an "equal weight" rating in a research note on Monday, March 2nd. Barrington Research reaffirmed an "outperform" rating and issued a $6.50 price target on shares of Gray Media in a research note on Tuesday, April 28th. Guggenheim lifted their price target on Gray Media from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Wednesday, March 4th. Finally, Benchmark boosted their target price on Gray Media from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Gray Media presently has a consensus rating of "Hold" and an average target price of $8.13.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.