Envestnet Asset Management Inc. Has $1.95 Million Stake in Gray Media Inc. (NYSE:GTN)

Key Points

• Envestnet Asset Management Inc. increased its stake in Gray Media Inc. by 42.0%, now holding 451,435 shares valued at $1.95 million as of its latest SEC filing.
• Several hedge funds have significantly boosted their holdings in Gray Media, with Miller Value Partners LLC expanding its stake by 132.1% during the last quarter.
• Gray Media announced a quarterly dividend of $0.08 per share, resulting in an annualized yield of 6.84%.

Envestnet Asset Management Inc. raised its holdings in Gray Media Inc. (NYSE:GTN - Free Report) by 42.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 451,435 shares of the company's stock after acquiring an additional 133,632 shares during the period. Envestnet Asset Management Inc. owned 0.44% of Gray Media worth $1,950,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Two Sigma Investments LP raised its holdings in Gray Media by 102.3% in the 4th quarter. Two Sigma Investments LP now owns 176,644 shares of the company's stock valued at $556,000 after acquiring an additional 89,319 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Gray Media in the 4th quarter valued at $425,000. D. E. Shaw & Co. Inc. acquired a new position in Gray Media in the 4th quarter valued at $402,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Gray Media by 49.2% in 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 valued at $1,125,000 after acquiring an additional 117,827 shares during the last quarter. Finally, Graham Capital Management L.P. acquired a new position in Gray Media in the 4th quarter valued at $584,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Gray Media Stock Down 1.1%

Shares of GTN stock traded down $0.05 during trading hours on Friday, hitting $4.46. 1,344,856 shares of the company were exchanged, compared to its average volume of 1,474,492. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.91 and a current ratio of 0.91. The business's 50-day simple moving average is $4.54 and its two-hundred day simple moving average is $4.10. Gray Media Inc. has a one year low of $2.91 and a one year high of $6.16. The stock has a market capitalization of $452.87 million, a price-to-earnings ratio of 1.93 and a beta of 1.19.

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

Gray Media Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date was Friday, June 13th. Gray Media's dividend payout ratio (DPR) is currently 13.85%.

Analyst Ratings Changes

A number of research firms have recently commented on GTN. Wells Fargo & Company upped their price objective on Gray Media from $4.00 to $4.50 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Benchmark dropped their price objective on Gray Media from $8.00 to $7.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Wall Street Zen upgraded Gray Media from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Gray Media presently has a consensus rating of "Hold" and an average target price of $6.17.

Insider Activity at Gray Media

In other Gray Media news, CFO Jeffrey R. Gignac purchased 12,500 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were purchased at an average price of $3.68 per share, for a total transaction of $46,000.00. Following the completion of the transaction, the chief financial officer owned 644,599 shares in the company, valued at $2,372,124.32. This represents a 1.98% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.22% of the stock is owned by corporate insiders.

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.