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

Key Points

• Zacks Research downgraded Gray Media from “strong buy” to “hold,” while the broader analyst consensus is also “hold,” with a $7.88 price target.
• Gray Media shares opened at $4.46, compared with a 12-month range of $3.55 to $6.43. The company has a market capitalization of approximately $459 million and elevated debt-to-equity of 2.73.
• The company’s latest quarterly results exceeded expectations, reporting $0.21 in EPS versus a projected $0.08 loss and revenue of $839 million, up 8.7% year over year; institutional investors own 78.64% of the stock.

Gray Media (NYSE:GTN - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Wednesday, Zacks reports.

Other analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Gray Media from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. Weiss Ratings lowered shares of Gray Media from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, October 9th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $7.88.

Gray Media Price Performance

Gray Media stock opened at $4.46 on Wednesday. The firm has a 50-day moving average price of $4.67 and a 200-day moving average price of $4.58. The firm has a market capitalization of $458.79 million, a PE ratio of -7.30, a price-to-earnings-growth 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. Gray Media has a 12-month low of $3.55 and a 12-month high of $6.43.

Gray Media (NYSE:GTN - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. The company had revenue of $839.00 million for the quarter, compared to analysts' expectations of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%. Gray Media's revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.71) earnings per share. As a group, equities research analysts forecast that Gray Media will post 2.35 EPS for the current year.

Institutional Trading of Gray Media

Hedge funds have recently modified their holdings of the stock. Capital Management Corp VA grew its stake in Gray Media by 0.3% in the 3rd quarter. Capital Management Corp VA now owns 7,092,788 shares of the company's stock worth $31,918,000 after acquiring an additional 22,119 shares during the period. Blueprint Investment Partners LLC acquired a new position in Gray Media in the 3rd quarter valued at $464,000. Blueprint Financial Advisors LLC purchased a new position in shares of Gray Media during the 3rd quarter worth $464,000. Simplicity Wealth LLC purchased a new position in shares of Gray Media during the 3rd quarter worth $382,000. Finally, Engineers Gate Manager LP lifted its stake in shares of Gray Media by 142.5% during the 2nd quarter. Engineers Gate Manager LP now owns 38,604 shares of the company's stock worth $153,000 after purchasing an additional 22,682 shares during the period. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.

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