Gray Media (NYSE:GTN) Stock Rating Lowered by Wall Street Zen

Gray Media (NYSE:GTN) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

A number of other analysts have also issued reports on the company. Guggenheim decreased their price target on Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gray Media in a research note on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $7.88.

Gray Media Stock Down 0.2%

GTN stock opened at $4.94 on Friday. The company has a 50 day moving average price of $4.42 and a two-hundred day moving average price of $4.58. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $508.72 million, a P/E ratio of -8.10, a PEG ratio of 0.10 and a beta of 0.96. Gray Media has a one year low of $3.55 and a one year high of $6.43.

Gray Media (NYSE:GTN) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.The company had revenue of $839.00 million for the quarter, compared to analyst estimates of $795.13 million. During the same quarter in the prior year, the company posted ($0.71) EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that Gray Media will post 2.33 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTN. Cetera Investment Advisers grew its holdings in shares of Gray Media by 3.7% during the 1st quarter. Cetera Investment Advisers now owns 69,392 shares of the company’s stock worth $301,000 after purchasing an additional 2,477 shares during the period. Parallel Advisors LLC raised its holdings in Gray Media by 57.1% in the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock valued at $34,000 after buying an additional 2,873 shares during the period. Deutsche Bank AG raised 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 period. CANADA LIFE ASSURANCE Co lifted its position 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 grew its stake in Gray Media by 24.9% during the fourth 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 period. Institutional investors and hedge funds own 78.64% of the company’s stock.

About Gray Media

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.