Gray Media (NYSE:GTN) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Gray Media (NYSE:GTN) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

A number of other brokerages have also weighed in on GTN. Zacks Research raised Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Wells Fargo & Company boosted their price objective on shares of Gray Media from $5.00 to $5.50 and gave the company an “equal weight” rating in a report on Monday, November 10th. Finally, Benchmark raised their target price on shares of Gray Media from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.25.

Gray Media Price Performance

Shares of GTN opened at $4.51 on Friday. Gray Media has a twelve month low of $3.13 and a twelve month high of $6.30. The company has a market capitalization of $459.92 million, a P/E ratio of 10.99 and a beta of 0.89. The firm has a 50 day moving average of $4.73 and a 200 day moving average of $5.06. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 2.60.

Gray Media (NYSE:GTN) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.17. The business had revenue of $749.00 million for the quarter, compared to analysts’ expectations of $745.25 million. Gray Media had a return on equity of 5.50% and a net margin of 2.81%.The firm’s quarterly revenue was down 21.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. As a group, equities research analysts anticipate that Gray Media will post 3.32 earnings per share for the current fiscal year.

Gray Media Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend was Monday, December 15th. Gray Media’s dividend payout ratio is currently 78.05%.

Institutional Investors Weigh In On Gray Media

A number of hedge funds have recently modified their holdings of the business. FNY Investment Advisers LLC lifted its position in Gray Media by 27.4% during the fourth quarter. FNY Investment Advisers LLC now owns 13,000 shares of the company’s stock valued at $62,000 after purchasing an additional 2,799 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Gray Media by 6.2% during the 3rd 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. Nebula Research & Development LLC grew its stake in shares of Gray Media by 4.6% during the 2nd quarter. Nebula Research & Development LLC now owns 129,984 shares of the company’s stock valued at $589,000 after acquiring an additional 5,686 shares during the period. Choreo LLC increased its holdings in Gray Media by 20.4% in the 2nd quarter. Choreo LLC now owns 36,576 shares of the company’s stock worth $166,000 after acquiring an additional 6,202 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Gray Media during the 1st quarter worth approximately $28,000. Institutional investors 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.