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

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

A number of other equities analysts also recently commented on the company. Wall Street Zen upgraded Gray Media from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Weiss Ratings downgraded shares of Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, October 9th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Gray Media currently has an average rating of “Hold” and a consensus target price of $7.88.

Gray Media Stock Up 3.8%

Shares of NYSE GTN opened at $4.46 on Wednesday. Gray Media has a 12-month low of $3.55 and a 12-month high of $6.43. The company has a market cap of $458.79 million, a P/E ratio of -7.30, a P/E/G ratio of 0.09 and a beta of 1.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73. The stock has a fifty day moving average price of $4.67 and a 200 day moving average price of $4.58.

Gray Media (NYSE:GTN) last announced its earnings results on Friday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $839.00 million for the quarter, compared to analyst estimates of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.71) earnings per share. Research analysts anticipate that Gray Media will post 2.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Management Corp VA lifted its stake in Gray Media by 0.3% during the third quarter. Capital Management Corp VA now owns 7,092,788 shares of the company’s stock worth $31,918,000 after purchasing an additional 22,119 shares during the period. Miller Value Partners LLC acquired a new position in Gray Media during the 2nd quarter worth about $28,756,000. BlackRock Inc. acquired a new stake in shares of Gray Media in the second quarter valued at approximately $27,789,000. Bank of New York Mellon Corp raised its position in shares of Gray Media by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 1,168,991 shares of the company’s stock worth $5,073,000 after acquiring an additional 16,833 shares during the last quarter. Finally, DSC Meridian Capital LP acquired a new position in Gray Media in the second quarter valued at approximately $3,731,000. 78.64% of the stock is owned by institutional investors.

Gray Media Company Profile

Gray Media, formerly known as Gray Television, is a multimedia company that owns and operates local television stations and related digital media properties in markets across the United States. Its stations provide local news, weather, sports, public affairs and entertainment programming, while also distributing content through websites, mobile platforms and other digital channels.

The company’s broadcast portfolio includes affiliates of major networks such as ABC, CBS, NBC, FOX and The CW, as well as independent and specialty stations.