Zacks Research Upgrades Gray Media (NYSE:GTN) to Strong-Buy

Gray Media (NYSE:GTN) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

GTN has been the subject of several other research reports. Wells Fargo & Company increased their price target on shares of 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 reissued a “sell (d+)” rating on shares of Gray Media in a report on Monday, December 29th. Benchmark raised their target price on Gray Media from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Finally, Wall Street Zen upgraded Gray Media from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.25.

Gray Media Stock Performance

Shares of NYSE GTN opened at $4.28 on Wednesday. The firm has a market capitalization of $436.43 million, a price-to-earnings ratio of 10.43 and a beta of 0.89. Gray Media has a one year low of $3.13 and a one year high of $6.30. The business has a fifty day simple moving average of $4.73 and a 200 day simple moving average of $5.07. 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 announced its quarterly earnings results on Friday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.17. The firm had revenue of $749.00 million for the quarter, compared to analyst estimates of $745.25 million. Gray Media had a net margin of 2.81% and a return on equity of 5.50%. The business’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 EPS. Sell-side analysts expect that Gray Media will post 3.32 EPS for the current year.

Institutional Trading of Gray Media

Hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new position in Gray Media during the 1st quarter worth about $28,000. M&T Bank Corp bought a new position in shares of Gray Media in the fourth quarter worth about $51,000. Merit Financial Group LLC acquired a new position in shares of Gray Media during the third quarter worth approximately $59,000. FNY Investment Advisers LLC grew its stake in shares of Gray Media by 27.4% during the fourth quarter. FNY Investment Advisers LLC now owns 13,000 shares of the company’s stock valued at $62,000 after purchasing an additional 2,799 shares during the last quarter. Finally, Wealth Alliance LLC acquired a new stake in shares of Gray Media in the third quarter valued at approximately $63,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.