Gray Media Inc. (NYSE:GTN) to Issue $0.08 Quarterly Dividend

Key Points

• Gray Media Inc. announced a quarterly dividend of $0.08 per share, which will be paid on September 30th for shareholders of record as of September 15th, reflecting an annualized yield of 6.4%.
($0.42), which fell short of analysts' expectations of ($0.23), and revenue decreased by 6.5% year-over-year.
• Analysts have mixed ratings on Gray Media, with one downgrading the stock to a sell, while others raised their price targets, suggesting a consensus target price of $6.88 from diverse ratings including buy and hold.

Gray Media Inc. (NYSE:GTN - Get Free Report) declared a quarterly dividend on Monday, August 11th, Wall Street Journal reports. Stockholders of record on Monday, September 15th will be given a dividend of 0.08 per share on Tuesday, September 30th. This represents a c) annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Monday, September 15th.

Gray Media has a payout ratio of 12.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Gray Media to earn ($0.28) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -114.3%.

Gray Media Price Performance

Shares of NYSE:GTN traded up $0.13 during midday trading on Thursday, hitting $6.01. The company's stock had a trading volume of 2,171,525 shares, compared to its average volume of 1,748,463. The business's 50 day simple moving average is $4.73 and its 200 day simple moving average is $4.20. The company has a debt-to-equity ratio of 2.56, a quick ratio of 0.91 and a current ratio of 0.87. The company has a market cap of $609.95 million, a P/E ratio of 3.98 and a beta of 1.20. Gray Media has a 12-month low of $2.91 and a 12-month high of $6.16.

Gray Media (NYSE:GTN - Get Free Report) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.19). The business had revenue of $772.00 million during the quarter, compared to analysts' expectations of $765.16 million. Gray Media had a return on equity of 10.31% and a net margin of 5.64%. The business's quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 earnings per share. On average, analysts forecast that Gray Media will post 3.32 EPS for the current year.

Analysts Set New Price Targets

GTN has been the topic of several research reports. Barrington Research raised shares of Gray Media from a "hold" rating to a "strong-buy" rating and set a $6.50 price target on the stock in a research note on Monday. Wall Street Zen cut shares of Gray Media from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Wells Fargo & Company raised their price objective on shares of Gray Media from $4.50 to $5.00 and gave the stock an "equal weight" rating in a research report on Monday. Guggenheim raised their price objective on shares of Gray Media from $6.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Benchmark restated a "buy" rating and set a $9.00 price objective (up from $7.00) on shares of Gray Media in a research report on Monday. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $6.88.

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.