Gray Media (NYSE:GTN) Rating Lowered to Hold at Zacks Research

Gray Media (NYSE:GTN) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other brokerages have also commented on GTN. Wells Fargo & Company lifted their target price on Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research report on Monday. Guggenheim raised their price objective on Gray Media from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday. Benchmark boosted their target price on shares of Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Wall Street Zen upgraded shares of Gray Media from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Gray Media in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $8.13.

Gray Media Stock Performance

Shares of Gray Media stock opened at $5.44 on Wednesday. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27. Gray Media has a 1 year low of $3.13 and a 1 year high of $6.30. The firm’s 50-day simple moving average is $4.69 and its 200-day simple moving average is $5.04. The firm has a market cap of $555.37 million, a PE ratio of -3.83 and a beta of 0.85.

Gray Media (NYSE:GTN) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The business had revenue of $792.00 million during the quarter, compared to the consensus estimate of $780.50 million. Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The company’s revenue for the quarter was down 24.2% compared to the same quarter last year. During the same period last year, the firm earned $1.59 earnings per share. Equities analysts forecast that Gray Media will post 3.32 earnings per share for the current fiscal year.

Institutional Trading of Gray Media

A number of large investors have recently modified their holdings of GTN. Capital Management Corp VA boosted its stake in Gray Media by 4.1% during the 4th quarter. Capital Management Corp VA now owns 6,149,022 shares of the company’s stock valued at $29,761,000 after purchasing an additional 242,525 shares during the period. Vanguard Group Inc. raised its holdings in shares of Gray Media by 4.4% during the third quarter. Vanguard Group Inc. now owns 5,998,630 shares of the company’s stock valued at $34,672,000 after buying an additional 251,419 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position 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 worth $25,113,000 after buying an additional 994,474 shares during the period. Miller Value Partners LLC grew its holdings in Gray Media by 12.1% in the 4th quarter. Miller Value Partners LLC now owns 3,988,495 shares of the company’s stock worth $19,304,000 after buying an additional 430,280 shares in the last quarter. Finally, Penn Capital Management Company LLC increased its position in Gray Media by 43.6% in the 3rd 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 period. Institutional investors and hedge funds 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.