Wells Fargo & Company Issues Positive Forecast for Gray Media (NYSE:GTN) Stock Price

Gray Media (NYSE:GTN) had its price objective increased by research analysts at Wells Fargo & Company from $5.50 to $6.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 11.84% from the stock’s previous close.

Several other analysts also recently commented on the company. Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Research raised Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 28th. Benchmark lifted their price objective on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday. Finally, Weiss Ratings reissued 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 assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.88.

Gray Media Trading Up 3.4%

Shares of Gray Media stock traded up $0.18 during trading on Monday, hitting $5.37. 455,746 shares of the company were exchanged, compared to its average volume of 1,404,789. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market capitalization of $547.70 million, a P/E ratio of -3.77 and a beta of 0.89. The firm’s fifty day moving average price is $4.65 and its 200 day moving average price is $5.04. Gray Media has a 1-year low of $3.13 and a 1-year high of $6.30.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH raised its holdings in shares of Gray Media by 155.8% in the 3rd quarter. Allianz Asset Management GmbH now owns 370,758 shares of the company’s stock valued at $2,143,000 after purchasing an additional 225,843 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Gray Media during the third quarter worth approximately $1,560,000. New York State Common Retirement Fund raised its stake in Gray Media by 36.7% in the third quarter. New York State Common Retirement Fund now owns 1,881,087 shares of the company’s stock valued at $10,873,000 after buying an additional 504,780 shares during the period. Prudential Financial Inc. lifted its position 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 buying an additional 441,290 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in shares of Gray Media during the 2nd quarter worth approximately $363,000. 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.