Barrington Research Reiterates “Outperform” Rating for Gray Media (NYSE:GTN)

Gray Media (NYSE:GTN)‘s stock had its “outperform” rating reiterated by equities research analysts at Barrington Research in a report issued on Tuesday,Benzinga reports. They presently have a $6.50 price target on the stock. Barrington Research’s price target points to a potential upside of 15.04% from the company’s current price.

Several other equities research analysts also recently issued reports on GTN. Wells Fargo & Company raised their price objective on shares of Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research note on Monday. Benchmark raised their price target on shares of Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Zacks Research raised shares of Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 28th. Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Gray Media currently has an average rating of “Moderate Buy” and a consensus price target of $8.13.

Gray Media Stock Performance

NYSE:GTN opened at $5.65 on Tuesday. Gray Media has a 1 year low of $3.13 and a 1 year high of $6.30. The firm’s fifty day simple moving average is $4.68 and its 200 day simple moving average is $5.03. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.66. The firm has a market capitalization of $576.81 million, a PE ratio of -3.98 and a beta of 0.85.

Gray Media (NYSE:GTN) last released its earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The firm had revenue of $792.00 million during the quarter, compared to analyst estimates of $780.50 million. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. The business’s revenue was down 24.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.59 EPS. On average, sell-side analysts anticipate that Gray Media will post 3.32 EPS for the current year.

Institutional Investors Weigh In On Gray Media

Institutional investors and hedge funds have recently modified their holdings of the stock. Allianz Asset Management GmbH lifted its position in Gray Media by 155.8% during the third quarter. Allianz Asset Management GmbH now owns 370,758 shares of the company’s stock worth $2,143,000 after buying an additional 225,843 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Gray Media in the 3rd quarter worth $1,560,000. New York State Common Retirement Fund boosted its position in shares of 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 valued at $10,873,000 after acquiring an additional 504,780 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of Gray Media by 94.7% in the second quarter. Prudential Financial Inc. now owns 907,347 shares of the company’s stock valued at $4,110,000 after purchasing an additional 441,290 shares during the period. Finally, Bank of Montreal Can purchased a new stake in shares of Gray Media in the second quarter valued at about $363,000. 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.