Gray Media Inc. (NYSE:GTN) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC trimmed its holdings in shares of Gray Media Inc. (NYSE:GTN - Free Report) by 44.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,060 shares of the company's stock after selling 49,110 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.06% of Gray Media worth $264,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Public Employees Retirement System of Ohio raised its stake in shares of Gray Media by 30.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 14,146 shares of the company's stock valued at $45,000 after acquiring an additional 3,262 shares during the period. Mariner LLC grew its holdings in Gray Media by 18.7% during the 4th quarter. Mariner LLC now owns 21,740 shares of the company's stock valued at $68,000 after purchasing an additional 3,419 shares during the last quarter. Nuveen Asset Management LLC raised its position in 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 purchasing an additional 3,737 shares during the period. Harbor Capital Advisors Inc. lifted its stake in Gray Media by 157.6% in the first quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company's stock worth $38,000 after purchasing an additional 5,355 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in shares of Gray Media by 20.7% during the fourth quarter. Intech Investment Management LLC now owns 32,201 shares of the company's stock valued at $101,000 after buying an additional 5,528 shares during the period. Institutional investors own 78.64% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on GTN. Wells Fargo & Company increased their price target 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 decreased their target price on Gray Media from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Finally, Wall Street Zen lowered shares of Gray Media from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $6.17.

Insider Transactions at Gray Media

In related news, CFO Jeffrey R. Gignac acquired 12,500 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was purchased at an average cost of $3.68 per share, for a total transaction of $46,000.00. Following the purchase, the chief financial officer directly owned 644,599 shares of the company's stock, valued at $2,372,124.32. This trade represents a 1.98% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 15.22% of the company's stock.

Gray Media Trading Down 4.3%

GTN traded down $0.24 during trading on Friday, hitting $5.38. 1,528,093 shares of the stock were exchanged, compared to its average volume of 1,462,121. 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 firm has a 50 day simple moving average of $4.24 and a 200 day simple moving average of $3.91. The firm has a market cap of $546.29 million, a price-to-earnings ratio of 2.33 and a beta of 1.19. Gray Media Inc. has a 1 year low of $2.91 and a 1 year high of $6.61.

Gray Media (NYSE:GTN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $772.71 million. During the same period in the prior year, the firm earned $0.79 earnings per share. The firm's revenue for the quarter was down 5.0% compared to the same quarter last year. As a group, equities analysts expect that Gray Media Inc. will post 3.32 EPS for the current year.

Gray Media Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.32 annualized dividend and a yield of 5.95%. Gray Media's dividend payout ratio (DPR) is presently 13.85%.

Gray Media Profile

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.