Gray Media Inc. (NYSE:GTN) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Analysts have a consensus “Hold” rating on Gray Media, with three buys, two holds and one sell among six analysts. The average 12-month price target is $7.88.
• Gray Media reported quarterly EPS of $0.21, exceeding estimates for a $0.08 loss, while revenue rose 8.7% year over year to $839 million.
• The company declared a quarterly dividend of $0.08, equivalent to $0.32 annually and a 6.4% yield; institutional investors own 78.64% of the stock.

Gray Media Inc. (NYSE:GTN - Get Free Report) has received an average recommendation of "Hold" from the six analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $7.8750.

Several research firms have recently commented on GTN. Wall Street Zen raised shares of Gray Media from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Barrington Research reiterated an "outperform" rating and set a $6.50 price objective on shares of Gray Media in a research note on Tuesday, April 28th. Guggenheim cut their target price on shares of Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Friday, May 15th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Gray Media in a research note on Wednesday, August 12th.

Gray Media Stock Performance

Shares of GTN stock traded up $0.06 on Monday, hitting $5.00. 86,268 shares of the stock traded hands, compared to its average volume of 1,359,122. The company's fifty day moving average is $4.20 and its 200 day moving average is $4.56. Gray Media has a 1-year low of $3.55 and a 1-year high of $6.43. The company has a market capitalization of $514.39 million, a PE ratio of -8.22, a PEG ratio of 0.10 and a beta of 0.94. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.95 and a quick ratio of 0.95.

Gray Media (NYSE:GTN - Get Free Report) last released 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. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The firm had revenue of $839.00 million during the quarter, compared to the consensus estimate of $795.13 million. During the same quarter in the previous year, the company posted ($0.71) earnings per share. The firm's revenue was up 8.7% on a year-over-year basis. On average, equities research analysts predict that Gray Media 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. Investors of record on Tuesday, September 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 6.4%. Gray Media's dividend payout ratio (DPR) is -52.46%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Miller Value Partners LLC bought a new stake in Gray Media in the second quarter valued at $28,756,000. BlackRock Inc. acquired a new position in shares of Gray Media during the second quarter valued at $27,789,000. Capital Management Corp VA grew its position in shares of Gray Media by 4.1% during the fourth quarter. Capital Management Corp VA now owns 6,149,022 shares of the company's stock worth $29,761,000 after acquiring an additional 242,525 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Gray Media by 4.4% during the third quarter. Vanguard Group Inc. now owns 5,998,630 shares of the company's stock worth $34,672,000 after acquiring an additional 251,419 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Gray Media by 23.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company's stock worth $25,113,000 after acquiring an additional 994,474 shares during the period. 78.64% of the stock is currently owned by institutional investors.

About Gray Media

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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