Guggenheim Forecasts Strong Price Appreciation for Gray Media (NYSE:GTN) Stock

Key Points

• Guggenheim has raised its price target for Gray Media (NYSE:GTN) from $6.00 to $7.00, maintaining a "buy" rating that implies a potential upside of 19.43% from the stock's previous close.
• Gray Media reported a loss of ($0.42) EPS for the last quarter, falling short of analysts' expectations, though revenue exceeded projections at $772.00 million.
• Institutional investors hold 78.64% of Gray Media's stock, with several firms significantly increasing their positions in the company during recent quarters.

Gray Media (NYSE:GTN - Get Free Report) had its price objective increased by Guggenheim from $6.00 to $7.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Guggenheim's target price would indicate a potential upside of 18.85% from the company's current price.

GTN has been the subject of a number of other research reports. Wells Fargo & Company lifted their price objective on Gray Media from $4.50 to $5.00 and gave the company an "equal weight" rating in a research note on Monday, August 11th. Wall Street Zen cut Gray Media from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Barrington Research upgraded Gray Media from a "market perform" rating to an "outperform" rating and set a $6.50 price objective for the company in a research note on Monday, August 11th. Finally, Benchmark restated a "buy" rating and issued a $9.00 price target (up previously from $7.00) on shares of Gray Media in a research note on Monday, August 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $6.88.

Gray Media Stock Down 1.8%

Shares of GTN traded down $0.11 on Thursday, reaching $5.89. The stock had a trading volume of 2,487,786 shares, compared to its average volume of 1,786,747. The firm has a market capitalization of $598.07 million, a price-to-earnings ratio of 3.90 and a beta of 1.20. The company has a debt-to-equity ratio of 2.56, a quick ratio of 0.91 and a current ratio of 0.87. The company has a 50-day simple moving average of $4.77 and a 200-day simple moving average of $4.22. Gray Media has a 12-month low of $2.91 and a 12-month high of $6.16.

Gray Media (NYSE:GTN - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.19). The firm had revenue of $772.00 million during the quarter, compared to analysts' expectations of $765.16 million. Gray Media had a net margin of 5.64% and a return on equity of 10.31%. The company's revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.09 EPS. Sell-side analysts predict that Gray Media will post 3.32 EPS for the current year.

Insider Buying and Selling

In other news, CFO Jeffrey R. Gignac acquired 12,500 shares of Gray Media stock in a transaction that occurred on Thursday, June 5th. The stock was bought at an average price of $3.68 per share, for a total transaction of $46,000.00. Following the completion of the transaction, the chief financial officer owned 644,599 shares in the company, valued at $2,372,124.32. The trade was a 1.98% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 15.22% of the company's stock.

Institutional Trading of Gray Media

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Management Corp VA grew its holdings in Gray Media by 19.2% during the 1st quarter. Capital Management Corp VA now owns 6,867,026 shares of the company's stock valued at $29,666,000 after buying an additional 1,103,690 shares in the last quarter. Miller Value Partners LLC lifted its stake in shares of Gray Media by 132.1% in the 4th quarter. Miller Value Partners LLC now owns 3,384,450 shares of the company's stock valued at $10,661,000 after purchasing an additional 1,926,330 shares during the last quarter. Penn Capital Management Company LLC lifted its stake in shares of Gray Media by 16.2% during the 1st quarter. Penn Capital Management Company LLC now owns 2,017,748 shares of the company's stock worth $8,740,000 after acquiring an additional 281,566 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Gray Media by 60.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,956,635 shares of the company's stock worth $8,453,000 after acquiring an additional 734,085 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of Gray Media by 10.8% during the 2nd quarter. New York State Common Retirement Fund now owns 1,376,307 shares of the company's stock worth $6,235,000 after acquiring an additional 134,631 shares during the last quarter. Hedge funds and other institutional investors own 78.64% of the company's stock.

Gray Media Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.