Guggenheim Increases Gray Media (NYSE:GTN) Price Target to $8.00

Gray Media (NYSE:GTN) had its price target increased by equities research analysts at Guggenheim from $7.00 to $8.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price indicates a potential upside of 53.55% from the company’s current price.

GTN has been the topic of several other reports. Benchmark boosted their price objective on shares of Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Wells Fargo & Company lifted their price target on Gray Media from $5.50 to $6.00 and gave the company an “equal weight” rating in a research note on Monday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Gray Media in a research report on Monday, December 29th. Zacks Research upgraded Gray Media from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Finally, Wall Street Zen upgraded Gray Media from a “sell” rating to a “hold” rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Gray Media currently has an average rating of “Moderate Buy” and a consensus price target of $8.13.

Gray Media Trading Down 1.1%

NYSE:GTN opened at $5.21 on Wednesday. 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 business’s 50-day simple moving average is $4.67 and its 200-day simple moving average is $5.03. Gray Media has a fifty-two week low of $3.13 and a fifty-two week high of $6.30. The stock has a market capitalization of $531.89 million, a PE ratio of -3.67 and a beta of 0.85.

Gray Media (NYSE:GTN) last announced its earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.04. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. The firm had revenue of $792.00 million for the quarter, compared to the consensus estimate of $780.50 million. During the same period last year, the company posted $1.59 EPS. The business’s quarterly revenue was down 24.2% on a year-over-year basis. Sell-side analysts expect that Gray Media will post 3.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gray Media

A number of institutional investors have recently added to or reduced their stakes in GTN. Empowered Funds LLC lifted its stake in Gray Media by 7.4% in the first quarter. Empowered Funds LLC now owns 464,859 shares of the company’s stock valued at $2,008,000 after acquiring an additional 32,173 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Gray Media in the 1st quarter valued at about $28,000. Atria Investments Inc lifted its stake in Gray Media by 19.1% in the 2nd quarter. Atria Investments Inc now owns 86,324 shares of the company’s stock valued at $391,000 after purchasing an additional 13,837 shares during the last quarter. Bank of Montreal Can bought a new position in Gray Media during the second quarter worth about $363,000. Finally, Pekin Hardy Strauss Inc. bought a new stake in Gray Media in the second quarter valued at approximately $138,000. 78.64% of the stock is currently 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.