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

Key Points

• Gray Media shares moved above their 200-day moving average, reaching $4.65 and closing near $4.64, compared with the $4.53 long-term average.
• Analyst sentiment is mixed but leans positive: the stock has a “Moderate Buy” consensus rating and a $7.88 average price target, despite one sell rating.
• Gray Media exceeded quarterly expectations with $0.21 in adjusted EPS versus an estimated loss of $0.08, while revenue rose 8.7% year over year to $839 million. The company also maintains a quarterly dividend of $0.08 per share, yielding approximately 6.9%.

Gray Media Inc. (NYSE:GTN - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $4.53 and traded as high as $4.65. Gray Media shares last traded at $4.6350, with a volume of 824,899 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GTN shares. Weiss Ratings cut Gray Media from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, October 9th. Zacks Research raised Gray Media from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 29th. Finally, Wall Street Zen raised Gray Media from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $7.88.

Gray Media Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73. The firm has a market cap of $477.33 million, a price-to-earnings ratio of -7.60, a PEG ratio of 0.09 and a beta of 1.00. The firm's fifty day moving average price is $4.74 and its 200-day moving average price is $4.53.

Gray Media (NYSE:GTN - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.29. The business had revenue of $839.00 million for the quarter, compared to analysts' expectations of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%. The business's revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.71) earnings per share. Analysts expect that Gray Media Inc. will post 2.35 earnings per share for the current year.

Gray Media Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Tuesday, September 15th. Gray Media's dividend payout ratio (DPR) is presently -52.46%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GTN. Miller Value Partners LLC purchased a new position in Gray Media in the 2nd quarter valued at $28,756,000. BlackRock Inc. acquired a new position in Gray Media during the second quarter worth about $27,789,000. Bank of New York Mellon Corp boosted its stake in shares of Gray Media by 1.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,168,991 shares of the company's stock worth $5,073,000 after acquiring an additional 16,833 shares in the last quarter. DSC Meridian Capital LP purchased a new stake in shares of Gray Media during the 2nd quarter worth approximately $3,731,000. Finally, Invst LLC acquired a new stake in shares of Gray Media in the 2nd quarter worth approximately $2,338,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

About Gray Media

Gray Media, Inc NYSE: GTN, formerly known as Gray Television, is a multimedia company focused on local television broadcasting and digital media. The company owns and operates local television stations across the United States, providing news, weather, sports, entertainment and other programming to communities in its service areas.

In addition to its broadcast stations, Gray Media operates digital platforms and produces original content for local and national audiences. Its businesses also include production and distribution activities, allowing the company to serve viewers through over-the-air television, cable and satellite providers, websites, mobile applications and streaming platforms.

Gray Media traces its history to 1946, when it began with a single radio station in Albany, Georgia.

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