Gray Media's (GTN) Outperform Rating Reiterated at Barrington Research

Key Points

• Barrington Research reiterated an Outperform rating on Gray Media (GTN) with a $6.50 price target, implying roughly a 14.5% upside from the prior close.
• Analyst coverage is mixed—three Buy, two Hold and one Sell—resulting in a MarketBeat consensus of Hold and an average price target of $8.13.
• Gray Media topped the latest quarter's estimates (EPS -$0.24 vs. -$0.28; revenue $792M vs. $780.5M) but revenue fell 24.2% year-over-year and the company reported negative net margin and return on equity.

Gray Media (NYSE:GTN - Get Free Report)'s stock had its "outperform" rating reissued by research analysts at Barrington Research in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $6.50 target price on the stock. Barrington Research's price target suggests a potential upside of 14.48% from the stock's previous close.

A number of other research firms also recently issued reports on GTN. Zacks Research downgraded Gray Media from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Wall Street Zen raised Gray Media from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Guggenheim lifted their price target on Gray Media from $7.00 to $8.00 and gave the company a "buy" rating in a research note on Wednesday, March 4th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Gray Media in a research note on Monday, December 29th. Finally, Wells Fargo & Company raised their price target on shares of Gray Media from $5.50 to $6.00 and gave the company an "equal weight" rating in a research report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $8.13.

Gray Media Price Performance

NYSE:GTN traded up $0.02 during trading hours on Tuesday, reaching $5.68. 132,898 shares of the company traded hands, compared to its average volume of 1,368,484. 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's 50-day moving average is $5.06 and its 200-day moving average is $4.83. The stock has a market cap of $589.26 million, a P/E ratio of -4.00 and a beta of 0.90. Gray Media has a 1-year low of $3.25 and a 1-year high of $6.43.

Gray Media (NYSE:GTN - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.04. The business had revenue of $792.00 million during the quarter, compared to the consensus estimate of $780.50 million. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. Gray Media's quarterly revenue was down 24.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.59 EPS. Equities research analysts expect that Gray Media will post 2.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GTN. Acadian Asset Management LLC purchased a new stake in Gray Media in the 1st quarter worth $28,000. CANADA LIFE ASSURANCE Co grew its holdings in Gray Media by 68.2% in the 4th 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. M&T Bank Corp acquired a new position in shares of Gray Media in the 4th quarter valued at $51,000. AXQ Capital LP purchased a new stake in Gray Media during the 4th quarter worth about $54,000. Finally, Engineers Gate Manager LP purchased a new position in Gray Media in the fourth quarter valued at $55,000. 78.64% of the stock is owned by institutional investors and hedge funds.

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.

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