DSC Meridian Capital LP Invests $3.73 Million in Gray Media Inc. $GTN

Key Points

• DSC Meridian Capital initiated a $3.73 million position in Gray Media, purchasing 939,714 shares, or approximately 0.91% of the company. Institutional investors and hedge funds collectively own 78.64% of GTN.
• Gray Media reported stronger-than-expected quarterly results, with EPS of $0.21 versus estimates of a $0.08 loss and revenue of $839 million, up 8.7% year over year.
• Shares opened at $4.92, while analysts maintain a consensus “Hold” rating and a $7.88 price target. The company also declared a quarterly dividend of $0.08 per share, representing a 6.5% annualized yield.

DSC Meridian Capital LP bought a new stake in shares of Gray Media Inc. (NYSE:GTN - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 939,714 shares of the company's stock, valued at approximately $3,731,000. Gray Media makes up about 0.9% of DSC Meridian Capital LP's investment portfolio, making the stock its 14th biggest position. DSC Meridian Capital LP owned approximately 0.91% of Gray Media as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Empowered Funds LLC grew its position in shares of Gray Media by 7.4% during the 1st quarter. Empowered Funds LLC now owns 464,859 shares of the company's stock valued at $2,008,000 after acquiring an additional 32,173 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Gray Media in the first quarter valued at approximately $28,000. Creative Planning boosted its stake in shares of Gray Media by 17.3% in the second quarter. Creative Planning now owns 63,544 shares of the company's stock worth $288,000 after acquiring an additional 9,358 shares during the last quarter. Cetera Investment Advisers boosted its stake in shares of Gray Media by 19.7% in the second quarter. Cetera Investment Advisers now owns 91,032 shares of the company's stock worth $412,000 after acquiring an additional 14,976 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Gray Media by 7.0% during the second quarter. Rhumbline Advisers now owns 145,450 shares of the company's stock worth $659,000 after purchasing an additional 9,575 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Gray Media Price Performance

GTN stock opened at $4.92 on Tuesday. Gray Media Inc. has a 1 year low of $3.55 and a 1 year high of $6.43. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $507.18 million, a PE ratio of -8.07, a price-to-earnings-growth ratio of 0.10 and a beta of 0.94. The business has a 50 day simple moving average of $4.22 and a 200-day simple moving average of $4.56.

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

Gray Media Dividend Announcement

The business also recently declared 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. This represents a $0.32 annualized dividend and a dividend yield of 6.5%. The ex-dividend date is Tuesday, September 15th. Gray Media's payout ratio is currently -52.46%.

Analyst Upgrades and Downgrades

GTN has been the topic of a number of research reports. Barrington Research restated an "outperform" rating and issued a $6.50 price objective on shares of Gray Media in a report on Tuesday, April 28th. Guggenheim dropped their target price 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. Weiss Ratings reiterated a "sell (d)" rating on shares of Gray Media in a research report on Wednesday, August 12th. Finally, Wall Street Zen raised shares of Gray Media from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $7.88.

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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