Wealth Enhancement Advisory Services LLC Lowers Position in Gray Media Inc. (NYSE:GTN)

Wealth Enhancement Advisory Services LLC cut its position in Gray Media Inc. (NYSE:GTN - Free Report) by 44.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 61,060 shares of the company's stock after selling 49,110 shares during the period. Wealth Enhancement Advisory Services LLC owned 0.06% of Gray Media worth $264,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its stake in shares of Gray Media by 30.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 14,146 shares of the company's stock worth $45,000 after acquiring an additional 3,262 shares during the period. Mariner LLC lifted its stake in shares of Gray Media by 18.7% in the 4th quarter. Mariner LLC now owns 21,740 shares of the company's stock worth $68,000 after acquiring an additional 3,419 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of Gray Media by 1.1% in the 4th quarter. Nuveen Asset Management LLC now owns 336,905 shares of the company's stock worth $1,061,000 after acquiring an additional 3,737 shares during the period. Harbor Capital Advisors Inc. lifted its stake in shares of Gray Media by 157.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company's stock worth $38,000 after acquiring an additional 5,355 shares during the period. Finally, Intech Investment Management LLC lifted its stake in shares of Gray Media by 20.7% in the fourth quarter. Intech Investment Management LLC now owns 32,201 shares of the company's stock valued at $101,000 after purchasing an additional 5,528 shares during the period. 78.64% of the stock is owned by hedge funds and other institutional investors.

Gray Media Price Performance

Shares of NYSE GTN traded up $0.38 on Wednesday, hitting $5.60. The company's stock had a trading volume of 3,613,087 shares, compared to its average volume of 1,462,784. The stock has a 50 day moving average of $4.15 and a 200-day moving average of $3.88. The company has a market capitalization of $568.64 million, a price-to-earnings ratio of 2.42 and a beta of 1.19. Gray Media Inc. has a 12-month low of $2.91 and a 12-month high of $6.61. The company has a debt-to-equity ratio of 2.48, a current ratio of 0.91 and a quick ratio of 0.91.

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

Gray Media Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.71%. The ex-dividend date of this dividend was Friday, June 13th. Gray Media's dividend payout ratio is presently 13.85%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wall Street Zen cut shares of Gray Media from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Benchmark reduced their price objective on shares of Gray Media from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company raised their price objective on shares of Gray Media from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $6.17.

Insider Activity

In other news, CFO Jeffrey R. Gignac bought 12,500 shares of the stock in a transaction on Thursday, June 5th. The stock was purchased at an average cost of $3.68 per share, with a total value of $46,000.00. Following the purchase, the chief financial officer owned 644,599 shares of the company's stock, valued at approximately $2,372,124.32. The trade was a 1.98% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 15.22% of the company's stock.

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.