Gray Media (NYSE:GTN) Stock Price Breaks Above 200-Day Moving Average - Here's What Happened

Key Points

• Gray Media shares crossed above their 200-day moving average, reaching $4.61 and last trading at $4.5850 on volume of roughly 964,000 shares.
• Analyst sentiment remains mixed: three analysts rate the stock Buy, two Hold and one Sell, resulting in an average Hold rating and a $7.88 target price.
• Gray Media reported stronger-than-expected quarterly results, with $0.21 adjusted EPS and $839 million in revenue, up 8.7% year over year. The company also declared a quarterly dividend of $0.08 per share, implying a 7.0% annualized yield.

Shares of Gray Media Inc. (NYSE:GTN - Get Free Report) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $4.54 and traded as high as $4.61. Gray Media shares last traded at $4.5850, with a volume of 964,306 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GTN shares. Wall Street Zen lowered shares of Gray Media from a "buy" rating to a "hold" rating in a research note on Saturday, September 5th. Weiss Ratings reissued a "sell (d)" rating on shares of Gray Media in a research note on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $7.88.

Gray Media Stock Performance

The business's fifty day moving average price is $4.65 and its 200-day moving average price is $4.54. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $472.16 million, a PE ratio of -7.52, a P/E/G ratio of 0.09 and a beta of 0.96.

Gray Media (NYSE:GTN - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The firm had revenue of $839.00 million during the quarter, compared to analysts' expectations of $795.13 million. During the same period in the previous year, the company earned ($0.71) earnings per share. The firm's quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities research analysts forecast that Gray Media Inc. will post 2.31 EPS for the current fiscal year.

Gray Media Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.32 dividend on an annualized basis and a yield of 7.0%. Gray Media's payout ratio is currently -52.46%.

Hedge Funds Weigh In On Gray Media

Institutional investors and hedge funds have recently modified their holdings of the company. Parallel Advisors LLC increased its position in Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company's stock valued at $34,000 after acquiring an additional 2,873 shares during the last quarter. Legal & General Group Plc purchased a new position in Gray Media in the second quarter worth about $32,000. AXQ Capital LP bought a new stake in shares of Gray Media during the 4th quarter valued at about $54,000. Abel Hall LLC bought a new stake in shares of Gray Media during the 1st quarter valued at about $49,000. Finally, PDT Partners LLC bought a new stake in shares of Gray Media during the 2nd quarter valued at about $49,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

About Gray Media

Gray Media, Inc NYSE: GTN is a media company that owns and operates local television stations and digital media properties across the United States. Its stations provide local news, weather, sports, investigative reporting and community programming, while also carrying programming from major broadcast networks, including ABC, CBS, NBC, FOX and The CW.

The company's operations include television broadcasting, digital publishing, video production and related media services. Gray Media also produces and distributes original content through its local stations and other media platforms, serving audiences in a range of metropolitan and regional markets.

Founded as Gray Television in 1946, the company expanded through acquisitions and organic growth before adopting the Gray Media name.

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