Gray Media Inc. (NYSE:GTN) Receives $7.88 Average Target Price from Analysts

Shares of Gray Media Inc. (NYSE:GTN) have been assigned a consensus recommendation of “Hold” from the six analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $7.8750.

Several equities research analysts recently weighed in on GTN shares. Guggenheim decreased their price target on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, May 15th. Wall Street Zen upgraded Gray Media from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Gray Media in a research report on Wednesday, August 12th.

Institutional Trading of Gray Media

Large investors have recently made changes to their positions in the stock. Acadian Asset Management LLC purchased a new position in Gray Media in the 1st quarter valued at about $28,000. Legal & General Group Plc acquired a new position in Gray Media during the second quarter valued at approximately $32,000. Parallel Advisors LLC lifted 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 buying an additional 2,873 shares in the last quarter. Abel Hall LLC purchased a new stake in Gray Media during the first quarter worth approximately $49,000. Finally, PDT Partners LLC purchased a new stake in Gray Media during the second quarter worth approximately $49,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Media Trading Up 0.6%

GTN opened at $4.86 on Monday. The business’s 50 day moving average is $4.31 and its two-hundred day moving average is $4.58. Gray Media has a 52 week low of $3.55 and a 52 week high of $6.43. The firm has a market cap of $500.48 million, a price-to-earnings ratio of -7.97, a price-to-earnings-growth ratio of 0.10 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73.

Gray Media (NYSE:GTN) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the business earned ($0.71) EPS. Gray Media’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, research analysts predict that Gray Media will post 2.33 EPS for the current year.

Gray Media Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given 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 6.6%. Gray Media’s payout ratio is presently -52.46%.

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.