Key Points
- Gray Media director Richard Lee Boger sold 57,000 shares on May 19 at an average price of $4.40, totaling about $250,800. After the sale, his holdings fell by 92.55% to 4,591 shares.
- The company said the transaction was made to cover tax withholding obligations tied to vesting equity awards, and the sale was disclosed in an SEC filing.
- Gray Media recently reported a smaller-than-expected quarterly loss of $0.34 per share on revenue of $768 million, and it also announced a quarterly dividend of $0.08 per share, implying a 7.8% annualized yield.
Gray Media Inc. (NYSE:GTN - Get Free Report) Director Richard Lee Boger sold 57,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $4.40, for a total transaction of $250,800.00. Following the transaction, the director owned 4,591 shares in the company, valued at approximately $20,200.40. The trade was a 92.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Gray Media Stock Up 3.9%
Shares of GTN opened at $4.13 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.72. Gray Media Inc. has a 12 month low of $3.50 and a 12 month high of $6.43. The firm's 50 day moving average is $4.90 and its 200-day moving average is $4.83. The stock has a market capitalization of $423.80 million, a PE ratio of -2.70 and a beta of 1.04.
Gray Media (NYSE:GTN - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.02). Gray Media had a negative return on equity of 3.07% and a negative net margin of 3.12%.The company had revenue of $768.00 million for the quarter, compared to analyst estimates of $768.05 million. During the same period in the prior year, the company earned ($0.23) EPS. The company's quarterly revenue was down 1.8% compared to the same quarter last year. Equities research analysts forecast that Gray Media Inc. will post 1.8 EPS for the current year.
Gray Media Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.08 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.8%. Gray Media's dividend payout ratio (DPR) is presently -20.92%.
Institutional Investors Weigh In On Gray Media
Hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. grew its position in Gray Media by 55.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company's stock worth $13,932,000 after acquiring an additional 1,025,133 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Gray Media by 23.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company's stock valued at $25,113,000 after purchasing an additional 994,474 shares in the last quarter. Penn Capital Management Company LLC grew its holdings in shares of Gray Media by 43.6% during the third quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company's stock worth $18,758,000 after purchasing an additional 983,415 shares during the last quarter. DSC Meridian Capital LP bought a new stake in shares of Gray Media during the third quarter worth about $5,432,000. Finally, AQR Capital Management LLC increased its stake in shares of Gray Media by 76.6% in the second quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company's stock valued at $6,169,000 after buying an additional 590,704 shares during the period. Institutional investors and hedge funds own 78.64% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on GTN shares. Barrington Research reiterated an "outperform" rating and set a $6.50 price objective on shares of Gray Media in a research note on Tuesday, April 28th. Weiss Ratings cut shares of Gray Media from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, May 15th. Wells Fargo & Company increased their price target on shares of Gray Media from $5.50 to $6.00 and gave the stock an "equal weight" rating in a research report on Monday, March 2nd. Zacks Research downgraded shares of Gray Media from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, Wall Street Zen upgraded Gray Media from a "sell" rating to a "hold" rating in a research note on Sunday, May 17th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Gray Media presently has an average rating of "Hold" and an average price target of $7.88.
Get Our Latest Analysis on GTN
About Gray Media
(
Get Free Report)
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.
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