Gray Media (NYSE:GTN) Stock Price Down 5.4% - Time to Sell?

Shares of Gray Media Inc. (NYSE:GTN - Get Free Report) fell 5.4% on Friday . The stock traded as low as $5.36 and last traded at $5.32. 474,556 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,457,018 shares. The stock had previously closed at $5.62.

Analysts Set New Price Targets

Several equities research analysts have commented on GTN shares. Benchmark dropped their target price on Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Wall Street Zen lowered Gray Media from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. Finally, Wells Fargo & Company upped their target price on Gray Media from $4.00 to $4.50 and gave the company an "equal weight" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $6.17.

Gray Media Stock Down 4.5%

The firm's 50-day moving average is $4.24 and its 200 day moving average is $3.91. The stock has a market cap of $544.76 million, a price-to-earnings ratio of 2.33 and a beta of 1.19. The company has a debt-to-equity ratio of 2.48, a current ratio of 0.91 and a quick ratio of 0.91.

Gray Media (NYSE:GTN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.26. The business had revenue of $782.00 million during the quarter, compared to analyst estimates of $772.71 million. Gray Media had a net margin of 7.72% and a return on equity of 12.75%. The company's quarterly revenue was down 5.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.79 EPS. Sell-side analysts anticipate that Gray Media Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.08 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.96%. Gray Media's payout ratio is currently 13.85%.

Insider Activity at Gray Media

In other news, CFO Jeffrey R. Gignac purchased 12,500 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were acquired at an average price of $3.68 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief financial officer directly owned 644,599 shares of the company's stock, valued at $2,372,124.32. The trade was a 1.98% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 15.22% of the stock is owned by insiders.

Institutional Trading of Gray Media

Large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC bought a new stake in Gray Media during the 1st quarter worth about $28,000. Voleon Capital Management LP bought a new stake in Gray Media during the 4th quarter worth about $32,000. Ameriprise Financial Inc. bought a new stake in Gray Media during the 4th quarter worth about $33,000. Boothbay Fund Management LLC bought a new stake in Gray Media during the 4th quarter worth about $34,000. Finally, Harbor Capital Advisors Inc. grew its holdings in Gray Media by 157.6% during the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company's stock worth $38,000 after acquiring an additional 5,355 shares during the last quarter. 78.64% of the stock is owned by institutional investors.

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.

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