Man Group plc Invests $1.24 Million in Gray Media Inc. $GTN

Key Points

• Man Group plc acquired 311,446 Gray Media shares worth approximately $1.24 million in the second quarter, giving it a 0.30% stake. Institutional investors and hedge funds collectively own 78.64% of the company.
• Gray Media reported stronger-than-expected quarterly results, with adjusted earnings of $0.21 per share versus an expected loss of $0.08 and revenue of $839 million, up 8.7% year over year.
• Analyst sentiment remains mixed, with an overall “Hold” rating and a consensus price target of $7.88. Gray Media also announced a quarterly dividend of $0.08 per share, representing a 6.5% annualized yield.

Man Group plc purchased a new stake in Gray Media Inc. (NYSE:GTN - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund purchased 311,446 shares of the company's stock, valued at approximately $1,236,000. Man Group plc owned about 0.30% of Gray Media at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GTN. Acadian Asset Management LLC bought a new position in Gray Media during the first quarter worth $28,000. Legal & General Group Plc bought a new stake in Gray Media during the second quarter valued at $32,000. Parallel Advisors LLC raised its holdings in shares of Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company's stock worth $34,000 after purchasing an additional 2,873 shares during the period. Abel Hall LLC acquired a new stake in shares of Gray Media during the first quarter worth $49,000. Finally, PDT Partners LLC bought a new position in shares of Gray Media in the 2nd quarter worth about $49,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GTN has been the subject of several research reports. Guggenheim decreased 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. Wall Street Zen raised shares of Gray Media from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Gray Media in a research note on Wednesday, August 12th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $7.88.

Gray Media Stock Performance

GTN stock opened at $4.93 on Thursday. Gray Media Inc. has a 1 year low of $3.55 and a 1 year high of $6.43. The stock has a market capitalization of $508.21 million, a price-to-earnings ratio of -8.09, a PEG ratio of 0.10 and a beta of 0.96. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.95 and a current ratio of 0.95. The stock's fifty day moving average is $4.37 and its two-hundred day moving average is $4.58.

Gray Media (NYSE:GTN - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $0.21 EPS 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 during the quarter, compared to analyst estimates of $795.13 million. During the same quarter in the prior year, the firm earned ($0.71) earnings per share. The company's quarterly revenue was up 8.7% on a year-over-year basis. On average, research analysts predict that Gray Media Inc. will post 2.33 EPS for the current year.

Gray Media Announces Dividend

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