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Richard Lee Boger, a director at Gray Media, Inc. (NYSE:GTN), recently sold 16,000 shares of the company’s common stock. The shares were sold on February 28, 2025, at an average price of $3.847 per share, resulting in a total transaction value of approximately $61,552. The sale comes as Gray Media’s stock trades significantly below its 52-week high of $7.41, with shares down over 8% in the past week. According to InvestingPro analysis, the company currently trades below its Fair Value while offering a substantial 9% dividend yield. Following this sale, Boger holds 55,347 shares of Gray Media’s common stock directly. Additionally, he owns 6,591 shares of Class A common stock directly and 2,092 shares indirectly as a custodian for his grandchildren. The company’s shares currently trade at a modest 0.17 times book value, though analysts expect sales to decline in the current year. Want deeper insights? InvestingPro offers exclusive access to 8 more key tips and a comprehensive Pro Research Report for Gray Media.
In other recent news, Gray Television reported its financial results for Q4 2024, revealing an earnings per share (EPS) of $1.59, which exceeded analyst expectations of $1.17. However, the company’s revenue slightly missed forecasts, coming in at $1.05 billion compared to the anticipated $1.06 billion. Despite the revenue shortfall, Gray Television achieved a significant debt reduction, lowering its principal debt by $520 million in 2024. In a development concerning analyst ratings, Loop Capital Markets adjusted its price target for Gray Television shares to $6, maintaining a Buy rating, following the company’s strong performance in core advertising and distribution revenue. Conversely, Wells Fargo (NYSE:WFC) upgraded Gray Television’s stock from Underweight to Equal Weight, setting a price target of $4.00, citing improved prospects in the broadcasting sector. Analysts from Wells Fargo also highlighted the potential for a more favorable regulatory environment, which could enhance Gray Television’s growth opportunities. Gray Television’s management continues to focus on debt reduction, aiming to improve leverage ratios, while also investing in strategic assets like the Atlanta Assembly complex.
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