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

Gray Media (NYSE:GTN) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other research analysts have also recently issued reports about the company. Guggenheim reduced their price objective on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Weiss Ratings restated a “sell (d)” rating on shares of Gray Media in a research note on Wednesday. Finally, Barrington Research restated an “outperform” rating and issued a $6.50 target price on shares of Gray Media in a research note on Tuesday, April 28th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.88.

Gray Media Trading Down 0.3%

GTN opened at $5.21 on Friday. The stock has a market capitalization of $536.01 million, a P/E ratio of -8.53, a P/E/G ratio of 0.11 and a beta of 0.94. Gray Media has a 12 month low of $3.55 and a 12 month high of $6.43. The firm’s fifty day simple moving average is $4.11 and its 200 day simple moving average is $4.54. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73.

Gray Media (NYSE:GTN) last announced its earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The firm had revenue of $839.00 million during the quarter, compared to analyst estimates of $795.13 million. During the same period in the prior year, the business earned ($0.71) EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, research analysts anticipate that Gray Media will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard Lee Boger sold 57,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $4.40, for a total transaction of $250,800.00. Following the completion of the transaction, the director directly owned 4,591 shares in the company, valued at $20,200.40. This represents a 92.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gray Media

Several hedge funds have recently modified their holdings of the stock. Gallagher Fiduciary Advisors LLC acquired a new stake in shares of Gray Media in the second quarter valued at about $264,000. Odyssean LLC acquired a new position in Gray Media during the second quarter valued at approximately $206,000. Man Group plc acquired a new position in Gray Media during the second quarter valued at approximately $1,236,000. Invst LLC bought a new position in Gray Media in the second quarter valued at approximately $2,338,000. Finally, Miller Value Partners LLC bought a new position in Gray Media in the second quarter valued at approximately $28,756,000. 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.