Gray Media (NYSE:GTN) Share Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Gray Media (NYSE:GTN) crossed above its 200-day moving average of $4.82, trading as high as $5.29 and last at $5.2490 on heavy volume (~819,528 shares), a short-term technical bullish signal.
• Analysts have been lifting ratings and targets recently — including upgrades from Benchmark, Guggenheim and Wells Fargo — leaving a mixed set of 3 Buys, 2 Holds and 1 Sell and a consensus target of $8.13.
• The company beat quarterly EPS and revenue estimates (EPS -$0.24 vs. -$0.28; revenue $792M) but revenue was down 24.2% year-over-year and margins/ROE remain negative; Gray also pays a quarterly $0.08 dividend (annualized yield 6.1%) amid a high debt-to-equity ratio of 2.66.

Gray Media Inc. (NYSE:GTN - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.82 and traded as high as $5.29. Gray Media shares last traded at $5.2490, with a volume of 819,528 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Gray Media from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Wells Fargo & Company upped their price target on Gray Media from $5.50 to $6.00 and gave the company an "equal weight" rating in a research report on Monday, March 2nd. Barrington Research reiterated an "outperform" rating and set a $6.50 price objective on shares of Gray Media in a research report on Tuesday, March 3rd. Benchmark boosted their price objective on Gray Media from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Finally, Guggenheim upped their target price on Gray Media from $7.00 to $8.00 and gave the company a "buy" rating in a report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $8.13.

Gray Media Stock Down 0.4%

The stock has a market capitalization of $544.72 million, a price-to-earnings ratio of -3.70 and a beta of 0.90. The business has a 50-day moving average of $4.82 and a 200-day moving average of $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 posted its earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.04. The company had revenue of $792.00 million for the quarter, compared to analysts' expectations of $780.50 million. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. Gray Media's revenue for the quarter was down 24.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.59 earnings per share. On average, sell-side analysts expect that Gray Media Inc. will post 3.32 EPS for the current year.

Gray Media Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 6.1%. The ex-dividend date was Friday, March 13th. Gray Media's dividend payout ratio is currently -22.54%.

Institutional Trading of Gray Media

Several institutional investors have recently added to or reduced their stakes in GTN. FNY Investment Advisers LLC lifted its stake in Gray Media by 27.4% during the fourth quarter. FNY Investment Advisers LLC now owns 13,000 shares of the company's stock worth $62,000 after purchasing an additional 2,799 shares in the last quarter. Deutsche Bank AG grew its stake in shares of Gray Media by 6.0% in the fourth quarter. Deutsche Bank AG now owns 54,507 shares of the company's stock valued at $264,000 after buying an additional 3,066 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Gray Media by 6.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 59,957 shares of the company's stock valued at $333,000 after buying an additional 3,493 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Gray Media by 68.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company's stock valued at $50,000 after buying an additional 4,217 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its holdings in shares of Gray Media by 24.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company's stock valued at $104,000 after buying an additional 4,278 shares during the period. Institutional investors and hedge funds own 78.64% of the company's stock.

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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