Gray Media (NYSE:GTN) Reaches New 12-Month High - What's Next?

Key Points

• Gray Media shares hit a new 52‑week high of $6.44 (last at $6.372) on Tuesday with about 92,964 shares traded, representing an intraday gain of roughly 2.7%.
• Analysts are mixed — the consensus rating is a Hold with an average price target of $8.13 (3 Buys, 2 Holds, 1 Sell), and several firms recently raised targets (Benchmark to $12, Guggenheim to $8).
• Company fundamentals are uneven: market cap ~ $658M, last quarter EPS was negative ($0.24) though it beat estimates and revenue fell 24.2% year‑over‑year, while Gray pays a quarterly dividend of $0.08 (a 5.0% yield).

Gray Media Inc. (NYSE:GTN - Get Free Report) shares reached a new 52-week high on Tuesday . The stock traded as high as $6.44 and last traded at $6.3720, with a volume of 92964 shares traded. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GTN. Barrington Research reiterated an "outperform" rating and issued a $6.50 price target on shares of Gray Media in a research report on Tuesday, March 3rd. Benchmark increased their price target on shares of Gray Media from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Gray Media in a research report on Monday, December 29th. Zacks Research downgraded shares of Gray Media from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, Guggenheim raised their price objective on shares of Gray Media from $7.00 to $8.00 and gave the company a "buy" rating in a research report on Wednesday, March 4th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $8.13.

Gray Media Stock Up 2.7%

The stock has a market capitalization of $658.48 million, a P/E ratio of -4.49 and a beta of 0.90. The company's 50-day moving average price is $4.95 and its 200 day moving average price is $4.82. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27.

Gray Media (NYSE:GTN - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.04. The firm had revenue of $792.00 million for the quarter, compared to the consensus estimate of $780.50 million. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. The company's revenue was down 24.2% on a year-over-year basis. During the same period last year, the firm earned $1.59 EPS. As a group, equities analysts expect that Gray Media Inc. will post 2.58 earnings per share for the current year.

Gray Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.0%. The ex-dividend date was Friday, March 13th. Gray Media's dividend payout ratio (DPR) is presently -22.54%.

Hedge Funds Weigh In On Gray Media

Several institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC purchased a new position in Gray Media during the fourth quarter valued at $102,000. Invesco Ltd. grew its stake in Gray Media by 19.0% during the fourth quarter. Invesco Ltd. now owns 368,897 shares of the company's stock valued at $1,785,000 after acquiring an additional 58,790 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Gray Media by 24.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company's stock valued at $104,000 after acquiring an additional 4,278 shares in the last quarter. State of Tennessee Department of Treasury grew its stake in Gray Media by 28.0% during the fourth quarter. State of Tennessee Department of Treasury now owns 74,225 shares of the company's stock valued at $335,000 after acquiring an additional 16,258 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in Gray Media by 43.8% during the fourth quarter. Mackenzie Financial Corp now owns 397,750 shares of the company's stock valued at $1,933,000 after acquiring an additional 121,060 shares in the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

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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