Wall Street Zen Upgrades Gray Media (NYSE:GTN) to Hold

Gray Media (NYSE:GTN) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Friday.

Several other research analysts have also recently issued reports on GTN. Wells Fargo & Company upped their price objective on Gray Media from $5.00 to $5.50 and gave the stock an “equal weight” rating in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Finally, Benchmark increased their price target on shares of Gray Media from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Gray Media currently has a consensus rating of “Hold” and an average target price of $7.25.

Gray Media Stock Down 4.1%

Shares of GTN traded down $0.19 during midday trading on Friday, reaching $4.34. The stock had a trading volume of 1,201,415 shares, compared to its average volume of 1,030,202. The company has a market cap of $442.56 million, a price-to-earnings ratio of 10.57 and a beta of 0.89. The company’s fifty day simple moving average is $4.77 and its two-hundred day simple moving average is $5.10. Gray Media has a 1-year low of $3.13 and a 1-year high of $6.30. The company has a debt-to-equity ratio of 2.60, a current ratio of 0.93 and a quick ratio of 0.93.

Gray Media (NYSE:GTN) last issued its earnings results on Friday, November 7th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.17. The firm had revenue of $749.00 million during the quarter, compared to the consensus estimate of $745.25 million. Gray Media had a net margin of 2.81% and a return on equity of 5.50%. The company’s revenue was down 21.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.86 earnings per share. Equities research analysts expect that Gray Media will post 3.32 earnings per share for the current year.

Institutional Investors Weigh In On Gray Media

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in shares of Gray Media in the first quarter valued at approximately $28,000. Merit Financial Group LLC purchased a new stake in Gray Media in the 3rd quarter valued at $59,000. Wealth Alliance LLC acquired a new stake in Gray Media during the 3rd quarter worth $63,000. Man Group plc purchased a new position in Gray Media during the 3rd quarter worth $71,000. Finally, Focus Partners Wealth acquired a new position in Gray Media in the third quarter valued at $73,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.