KLP Kapitalforvaltning AS Has $344,000 Position in Gray Media Inc. (NYSE:GTN)

Key Points

• KLP Kapitalforvaltning AS increased its stake in Gray Media Inc. by 481.0% during the first quarter, owning 79,600 shares valued at $344,000 by the end of the period.
• Gray Media recently declared a quarterly dividend of $0.08 per share, resulting in an annualized dividend yield of 6.77%.
• Analysts have mixed ratings for Gray Media, with three holding a "hold" rating and two giving a "buy" rating, setting a consensus target price of $6.17.

KLP Kapitalforvaltning AS grew its stake in shares of Gray Media Inc. (NYSE:GTN - Free Report) by 481.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,600 shares of the company's stock after acquiring an additional 65,900 shares during the period. KLP Kapitalforvaltning AS owned 0.08% of Gray Media worth $344,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Voleon Capital Management LP purchased a new position in shares of Gray Media during the 4th quarter valued at $32,000. Ameriprise Financial Inc. acquired a new stake in shares of Gray Media in the 4th quarter valued at $33,000. Boothbay Fund Management LLC acquired a new stake in shares of Gray Media in the 4th quarter valued at $34,000. Harbor Capital Advisors Inc. lifted its stake in shares of Gray Media by 157.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company's stock valued at $38,000 after purchasing an additional 5,355 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Gray Media by 214,100.0% in the 4th quarter. Federated Hermes Inc. now owns 12,852 shares of the company's stock valued at $40,000 after purchasing an additional 12,846 shares during the last quarter. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GTN. Wells Fargo & Company lifted their price objective on shares of Gray Media from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Benchmark reduced their price objective on shares of Gray Media from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Wall Street Zen raised shares of Gray Media from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $6.17.

Gray Media Stock Performance

Gray Media stock traded down $0.05 on Friday, reaching $4.46. 1,344,856 shares of the stock were exchanged, compared to its average volume of 1,474,492. The stock has a market cap of $452.87 million, a PE ratio of 1.93 and a beta of 1.19. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.48. Gray Media Inc. has a twelve month low of $2.91 and a twelve month high of $6.16. The firm has a fifty day moving average price of $4.54 and a two-hundred day moving average price of $4.10.

Gray Media (NYSE:GTN - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, topping analysts' consensus estimates of ($0.49) by $0.26. The firm had revenue of $782.00 million during the quarter, compared to analyst estimates of $772.71 million. Gray Media had a net margin of 7.72% and a return on equity of 12.75%. The business's revenue was down 5.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 EPS. Sell-side analysts anticipate that Gray Media Inc. will post 3.32 EPS for the current year.

Gray Media Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.32 dividend on an annualized basis and a yield of 7.2%. Gray Media's payout ratio is currently 13.85%.

Insiders Place Their Bets

In other news, CFO Jeffrey R. Gignac bought 12,500 shares of the business's stock in a transaction on Thursday, June 5th. The stock was purchased at an average price 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 approximately $2,372,124.32. The trade was a 1.98% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 15.22% of the stock is currently owned by corporate insiders.

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.