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

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

A number of other research firms have also weighed in on GTN. Wells Fargo & Company raised their target price on shares of Gray Media from $5.00 to $5.50 and gave the company an “equal weight” rating in a report on Monday, November 10th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Gray Media in a research report on Monday, December 29th. Finally, Benchmark lifted their price objective on shares of Gray Media from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.25.

Gray Media Price Performance

NYSE:GTN opened at $4.34 on Friday. The business’s 50-day moving average is $4.77 and its 200 day moving average is $5.10. Gray Media has a 12 month low of $3.13 and a 12 month high of $6.30. The company has a market capitalization of $442.56 million, a P/E ratio of 10.57 and a beta of 0.89. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 2.60.

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

Hedge Funds Weigh In On Gray Media

Large investors have recently bought and sold shares of the business. Penn Capital Management Company LLC lifted its position in 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 valued at $18,758,000 after acquiring an additional 983,415 shares during the last quarter. DSC Meridian Capital LP purchased a new stake in shares of Gray Media during the 3rd quarter valued at $5,432,000. AQR Capital Management LLC boosted its position in shares of Gray Media by 76.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company’s stock worth $6,169,000 after purchasing an additional 590,704 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Gray Media by 81.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,209,751 shares of the company’s stock worth $6,992,000 after purchasing an additional 543,874 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in Gray Media by 36.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,881,087 shares of the company’s stock worth $10,873,000 after buying an additional 504,780 shares during the last quarter. Institutional investors own 78.64% of the company’s stock.

About Gray Media

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.