Gray Media Inc. (NYSE:GTN) Shares Sold by Readystate Asset Management LP

Readystate Asset Management LP trimmed its holdings in Gray Media Inc. (NYSE:GTN) by 34.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 131,925 shares of the company’s stock after selling 68,075 shares during the quarter. Readystate Asset Management LP’s holdings in Gray Media were worth $570,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GTN. Voleon Capital Management LP acquired a new position in Gray Media in the fourth quarter valued at approximately $32,000. Ameriprise Financial Inc. purchased a new stake in Gray Media in the fourth quarter valued at approximately $33,000. Boothbay Fund Management LLC purchased a new stake in Gray Media in the fourth quarter valued at approximately $34,000. Harbor Capital Advisors Inc. lifted its stake in Gray Media by 157.6% in the first quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company’s stock valued at $38,000 after buying an additional 5,355 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in Gray Media by 214,100.0% in the fourth quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock valued at $40,000 after buying an additional 12,846 shares during the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Gray Media news, CFO Jeffrey R. Gignac acquired 12,500 shares of the stock in a transaction on Thursday, June 5th. The stock was purchased at an average price of $3.68 per share, for a total transaction of $46,000.00. Following the purchase, the chief financial officer directly owned 644,599 shares in the company, valued at $2,372,124.32. This trade represents a 1.98% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.22% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GTN shares. Wells Fargo & Company upped their price target on Gray Media from $4.00 to $4.50 and gave the stock an “equal weight” rating in a research note on Monday, May 12th. Benchmark cut their price target on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, Wall Street Zen upgraded Gray Media from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Gray Media presently has a consensus rating of “Hold” and an average target price of $6.17.

Gray Media Stock Performance

Gray Media stock opened at $5.31 on Thursday. The stock’s 50-day moving average is $4.41 and its 200-day moving average is $4.04. The company has a market cap of $538.97 million, a price-to-earnings ratio of 2.30 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 Inc. has a 12 month low of $2.91 and a 12 month high of $6.61.

Gray Media (NYSE:GTN) last announced its 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 for the quarter, compared to the consensus estimate of $772.71 million. Gray Media had a return on equity of 12.75% and a net margin of 7.72%. The company’s revenue was down 5.0% on a year-over-year basis. During the same period last year, the business posted $0.79 EPS. Equities analysts anticipate that Gray Media Inc. will post 3.32 earnings per share for the current year.

Gray Media Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.32 dividend on an annualized basis and a yield of 6.03%. Gray Media’s dividend payout ratio (DPR) is presently 13.85%.

Gray Media Company Profile

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.