Gray Media (NYSE:GTN) Price Target Raised to $6.00

by · The Markets Daily

Gray Media (NYSE:GTN – Free Report) had its target price hoisted by Wells Fargo & Company from $5.50 to $6.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other equities analysts have also recently issued reports about the company. Zacks Research upgraded Gray Media from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Weiss Ratings reissued a “sell (d+)” rating on shares of Gray Media in a report on Monday, December 29th. Benchmark boosted their target price on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Wall Street Zen raised shares of Gray Media from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.13.

View Our Latest Report on Gray Media

Gray Media Stock Up 8.0%

GTN opened at $5.65 on Monday. Gray Media has a fifty-two week low of $3.13 and a fifty-two week high of $6.30. The company’s 50-day moving average is $4.68 and its 200 day moving average is $5.03. The firm has a market capitalization of $576.81 million, a P/E ratio of -3.98 and a beta of 0.85. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.27 and a quick ratio of 1.27.

Gray Media (NYSE:GTN – Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share for the quarter, beating 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 company had revenue of $792.00 million during the quarter, compared to analyst estimates of $780.50 million. During the same quarter in the prior year, the business earned $1.59 earnings per share. The firm’s revenue for the quarter was down 24.2% on a year-over-year basis. Research analysts expect that Gray Media will post 3.32 earnings per share for the current fiscal year.

Gray Media Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.7%. The ex-dividend date is Friday, March 13th. Gray Media’s payout ratio is -22.54%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GTN. Acadian Asset Management LLC purchased a new position in Gray Media during the first quarter valued at $28,000. CANADA LIFE ASSURANCE Co raised its stake in shares of Gray Media by 68.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after acquiring an additional 4,217 shares during the period. M&T Bank Corp bought a new stake in Gray Media in the fourth quarter worth about $51,000. AXQ Capital LP bought a new stake in shares of Gray Media during the 4th quarter worth approximately $54,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Gray Media during the fourth quarter worth $55,000. Institutional investors own 78.64% of the company’s stock.

About Gray Media

(Get Free Report)

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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