Gray Media (NYSE:GTN) Shares Down 7.7% – Time to Sell?
by Mitch Edgeman · The Markets DailyGray Media Inc. (NYSE:GTN – Get Free Report)’s share price dropped 7.7% on Monday . The company traded as low as $4.99 and last traded at $4.9760. Approximately 1,061,357 shares were traded during trading, a decline of 27% from the average daily volume of 1,445,190 shares. The stock had previously closed at $5.39.
Analyst Ratings Changes
A number of equities research analysts have commented on GTN shares. Wall Street Zen raised shares of Gray Media from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Barrington Research reissued an “outperform” rating and set a $6.50 price target on shares of Gray Media in a report on Tuesday, March 3rd. Benchmark lifted their price objective on Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Guggenheim upped their price objective on Gray Media from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Finally, Zacks Research downgraded Gray Media from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Gray Media currently has a consensus rating of “Hold” and a consensus price target of $8.13.
Check Out Our Latest Stock Report on Gray Media
Gray Media Trading Down 4.7%
The company has a market capitalization of $510.95 million, a P/E ratio of -3.52 and a beta of 0.85. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27. The stock has a fifty day moving average of $4.71 and a 200 day moving average of $5.01.
Gray Media (NYSE:GTN – Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The company had revenue of $792.00 million during the quarter, compared to the consensus estimate of $780.50 million. During the same period in the previous year, the company posted $1.59 EPS. The firm’s revenue was down 24.2% on a year-over-year basis. As a group, equities research analysts anticipate that Gray Media Inc. will post 3.32 EPS for the current fiscal year.
Gray Media Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.4%. Gray Media’s dividend payout ratio is -22.54%.
Hedge Funds Weigh In On Gray Media
Several large investors have recently made changes to their positions in GTN. FNY Investment Advisers LLC boosted its position in shares of Gray Media by 27.4% during the fourth quarter. FNY Investment Advisers LLC now owns 13,000 shares of the company’s stock worth $62,000 after acquiring an additional 2,799 shares during the last quarter. Deutsche Bank AG increased its holdings in Gray Media by 6.0% in the 4th quarter. Deutsche Bank AG now owns 54,507 shares of the company’s stock valued at $264,000 after acquiring an additional 3,066 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Gray Media by 6.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 59,957 shares of the company’s stock valued at $333,000 after acquiring an additional 3,493 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Gray Media by 68.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after purchasing an additional 4,217 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in shares of Gray Media by 24.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock valued at $104,000 after purchasing an additional 4,278 shares during the last quarter. 78.64% of the stock is currently owned by hedge funds and other institutional investors.
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.