Zacks Research Downgrades Gray Media (NYSE:GTN) to Hold

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

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

Gray Media Price Performance

Shares of GTN traded down $0.05 during trading hours on Wednesday, reaching $5.42. The company had a trading volume of 426,611 shares, compared to its average volume of 1,437,289. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.66. Gray Media has a 12-month low of $3.13 and a 12-month high of $6.30. The firm has a 50 day simple moving average of $4.69 and a 200-day simple moving average of $5.04. The company has a market capitalization of $553.33 million, a price-to-earnings ratio of -3.82 and a beta of 0.85.

Gray Media (NYSE:GTN) last issued its earnings results 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 company had revenue of $792.00 million for the quarter, compared to analyst estimates of $780.50 million. During the same period in the prior year, the business posted $1.59 earnings per share. The firm’s revenue for the quarter was down 24.2% compared to the same quarter last year. Research analysts expect that Gray Media will post 3.32 earnings per share for the current year.

Institutional Trading of Gray Media

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FNY Investment Advisers LLC raised its stake in shares of Gray Media by 27.4% in the 4th 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 in the last quarter. Deutsche Bank AG increased its holdings in Gray Media by 6.0% in the fourth quarter. Deutsche Bank AG now owns 54,507 shares of the company’s stock valued at $264,000 after buying an additional 3,066 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Gray Media by 6.2% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 59,957 shares of the company’s stock valued at $333,000 after buying an additional 3,493 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Gray Media by 68.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after buying an additional 4,217 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Gray Media by 24.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock worth $104,000 after buying an additional 4,278 shares during the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

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.