Wells Fargo & Company Increases Gray Media (NYSE:GTN) Price Target to $5.00

Gray Media (NYSE:GTN) had its price target raised by research analysts at Wells Fargo & Company from $4.50 to $5.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential downside of 13.27% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Gray Media from a “hold” rating to a “sell” rating in a report on Saturday. Benchmark restated a “buy” rating and issued a $9.00 target price (up previously from $7.00) on shares of Gray Media in a report on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.88.

Gray Media Trading Up 13.9%

NYSE GTN opened at $5.77 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.87 and a debt-to-equity ratio of 2.56. Gray Media has a 52 week low of $2.91 and a 52 week high of $6.16. The business has a 50 day moving average price of $4.64 and a 200-day moving average price of $4.17. The company has a market cap of $585.38 million, a price-to-earnings ratio of 3.82 and a beta of 1.20.

Gray Media (NYSE:GTN) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.19). Gray Media had a net margin of 5.64% and a return on equity of 10.31%. The business had revenue of $772.00 million during the quarter, compared to analyst estimates of $765.16 million. During the same period in the previous year, the business posted $0.09 EPS. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. As a group, equities analysts expect that Gray Media will post 3.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Gray Media news, CFO Jeffrey R. Gignac bought 12,500 shares of the firm’s stock in a transaction dated Thursday, June 5th. The stock was purchased at an average cost of $3.68 per share, with a total value of $46,000.00. Following the transaction, the chief financial officer directly owned 644,599 shares in the company, valued at $2,372,124.32. This trade represents a 1.98% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.22% of the company’s stock.

Hedge Funds Weigh In On Gray Media

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its holdings in Gray Media by 30.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 14,146 shares of the company’s stock valued at $45,000 after buying an additional 3,262 shares in the last quarter. Mariner LLC boosted its position in shares of Gray Media by 18.7% in the fourth quarter. Mariner LLC now owns 21,740 shares of the company’s stock valued at $68,000 after acquiring an additional 3,419 shares during the period. Choreo LLC grew its stake in Gray Media by 13.2% during the first quarter. Choreo LLC now owns 30,374 shares of the company’s stock valued at $131,000 after acquiring an additional 3,547 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in Gray Media by 1.1% during the 4th quarter. Nuveen Asset Management LLC now owns 336,905 shares of the company’s stock worth $1,061,000 after acquiring an additional 3,737 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its stake in Gray Media by 157.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company’s stock worth $38,000 after purchasing an additional 5,355 shares in the last quarter. Institutional investors own 78.64% of the company’s stock.

About Gray Media

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.