Zacks Research downgraded shares of Gray Media (NYSE:GTN – Free Report) from a strong-buy rating to a hold rating in a report released on Wednesday,Zacks reports.
Several other research firms also recently issued reports on GTN. Wall Street Zen upgraded Gray Media from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Weiss Ratings downgraded Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, October 9th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.88.
Get Our Latest Research Report on Gray Media
Gray Media Price Performance
NYSE GTN opened at $4.46 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. The stock has a market capitalization of $458.79 million, a PE ratio of -7.30, a price-to-earnings-growth ratio of 0.09 and a beta of 1.00. Gray Media has a 12-month low of $3.55 and a 12-month high of $6.43. The company has a 50 day moving average price of $4.67 and a two-hundred day moving average price of $4.58.
Gray Media (NYSE:GTN – Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. The company had revenue of $839.00 million for the quarter, compared to analyst estimates of $795.13 million. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. Gray Media’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.71) EPS. As a group, equities analysts predict that Gray Media will post 2.35 earnings per share for the current fiscal year.
Gray Media Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 7.2%. The ex-dividend date was Tuesday, September 15th. Gray Media’s dividend payout ratio (DPR) is -52.46%.
Institutional Investors Weigh In On Gray Media
A number of hedge funds have recently bought and sold shares of GTN. Cetera Investment Advisers lifted its holdings in shares of Gray Media by 3.7% during the first quarter. Cetera Investment Advisers now owns 69,392 shares of the company’s stock worth $301,000 after buying an additional 2,477 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Gray Media by 57.1% in 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 period. Royal Bank of Canada grew its stake in shares of Gray Media by 60.5% in the first quarter. Royal Bank of Canada now owns 16,573 shares of the company’s stock worth $71,000 after acquiring an additional 6,247 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Gray Media in the second quarter worth $32,000. Finally, Abel Hall LLC acquired a new stake in shares of Gray Media in the first quarter worth $49,000. 78.64% of the stock is currently owned by institutional investors.
Gray Media Company Profile
Gray Media, formerly known as Gray Television, is a multimedia company that owns and operates local television stations and related digital media properties in markets across the United States. Its stations provide local news, weather, sports, public affairs and entertainment programming, while also distributing content through websites, mobile platforms and other digital channels.
The company’s broadcast portfolio includes affiliates of major networks such as ABC, CBS, NBC, FOX and The CW, as well as independent and specialty stations.
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