Gray Media (NYSE:GTN) Shares Down 7.7% - Here's Why

Key Points

• Shares down 7.7% — Gray Media fell to about $4.98 on Monday with ~1.06M shares traded, roughly 27% below its average session volume.
• Q4 results mixed — the company reported EPS of ($0.24), beating estimates by $0.04, but revenue declined 24.2% year-over-year to $792 million and the business remains unprofitable with negative net margin and ROE.
• Analyst view is mixed — MarketBeat shows three Buy, two Hold and one Sell for a consensus rating of "Hold" and a consensus target price of $8.13, with individual targets ranging up to $12.00.

Shares of Gray Media Inc. (NYSE:GTN - Get Free Report) traded down 7.7% on Monday . The stock traded as low as $4.99 and last traded at $4.9760. 1,061,357 shares were traded during trading, a decline of 27% from the average session volume of 1,445,190 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GTN. Benchmark boosted their price target on shares of Gray Media from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Weiss Ratings reissued a "sell (d+)" rating on shares of Gray Media in a report on Monday, December 29th. Guggenheim increased their target price on Gray Media from $7.00 to $8.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Wells Fargo & Company raised their price target on Gray Media from $5.50 to $6.00 and gave the stock an "equal weight" rating in a report on Monday, March 2nd. Finally, Zacks Research cut Gray Media from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $8.13.

Gray Media Price Performance

The business's 50-day moving average price is $4.70 and its 200 day moving average price is $5.03. The company has a market capitalization of $527.29 million, a P/E ratio of -3.62 and a beta of 0.85. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 2.66.

Gray Media (NYSE:GTN - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.04. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. The business had revenue of $792.00 million for the quarter, compared to analysts' expectations of $780.50 million. During the same period in the prior year, the company posted $1.59 EPS. The business's revenue for the quarter was down 24.2% compared to the same quarter last year. Analysts anticipate that Gray Media Inc. will post 3.32 EPS for the current fiscal year.

Gray Media Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.32 annualized dividend and a yield of 6.2%. Gray Media's dividend payout ratio (DPR) is currently -22.54%.

Hedge Funds Weigh In On Gray Media

Institutional investors have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH grew its holdings in shares of Gray Media by 155.8% during the third quarter. Allianz Asset Management GmbH now owns 370,758 shares of the company's stock worth $2,143,000 after purchasing an additional 225,843 shares in the last quarter. New York State Common Retirement Fund raised its stake in Gray Media by 36.7% in the third quarter. New York State Common Retirement Fund now owns 1,881,087 shares of the company's stock valued at $10,873,000 after purchasing an additional 504,780 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Gray Media during the third quarter valued at approximately $1,560,000. Prudential Financial Inc. grew its position in Gray Media by 94.7% in the second quarter. Prudential Financial Inc. now owns 907,347 shares of the company's stock worth $4,110,000 after acquiring an additional 441,290 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in Gray Media during the second quarter valued at about $363,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.