Gray Media (NYSE:GTN) Upgraded by Wall Street Zen to Hold Rating

Gray Media (NYSE:GTN - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

A number of other analysts have also recently issued reports on GTN. Benchmark cut their price objective on Gray Media from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Guggenheim lowered their target price on Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Finally, Wells Fargo & Company increased their target price on Gray Media from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research note on Monday, May 12th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Gray Media currently has a consensus rating of "Hold" and an average price target of $6.17.

Gray Media Stock Up 3.8%

GTN stock opened at $4.29 on Friday. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $435.10 million, a P/E ratio of 1.85 and a beta of 1.16. The business has a 50-day moving average of $3.83 and a 200-day moving average of $3.81. Gray Media has a fifty-two week low of $2.91 and a fifty-two week high of $6.61.

Gray Media (NYSE:GTN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.26. Gray Media had a return on equity of 13.78% and a net margin of 7.72%. The firm had revenue of $782.00 million during the quarter, compared to analysts' expectations of $772.71 million. During the same period in the prior year, the firm posted $0.79 earnings per share. The business's quarterly revenue was down 5.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Gray Media will post 3.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Jeffrey R. Gignac acquired 12,500 shares of the stock in a transaction on Thursday, June 5th. The shares were purchased at an average price of $3.68 per share, for a total transaction of $46,000.00. Following the purchase, the chief financial officer now directly owns 644,599 shares in the company, valued at approximately $2,372,124.32. The trade was a 1.98% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 15.22% of the company's stock.

Hedge Funds Weigh In On Gray Media

Hedge funds and other institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC bought a new position in shares of Gray Media in the 1st quarter valued at $28,000. Harbor Capital Advisors Inc. increased its stake in shares of Gray Media by 157.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company's stock valued at $38,000 after purchasing an additional 5,355 shares during the last quarter. CWM LLC increased its stake in shares of Gray Media by 638.5% in the 1st quarter. CWM LLC now owns 9,615 shares of the company's stock valued at $42,000 after purchasing an additional 8,313 shares during the last quarter. Voleon Capital Management LP bought a new position in shares of Gray Media in the 4th quarter valued at $32,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Gray Media in the 4th quarter valued at $33,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.