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

KLP Kapitalforvaltning AS raised its stake in shares of Gray Media Inc. (NYSE:GTN) by 481.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,600 shares of the company’s stock after acquiring an additional 65,900 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Gray Media were worth $344,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Harbor Capital Advisors Inc. increased 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 acquiring an additional 5,355 shares during the last quarter. CWM LLC raised its stake in shares of Gray Media by 638.5% during the 1st quarter. CWM LLC now owns 9,615 shares of the company’s stock worth $42,000 after purchasing an additional 8,313 shares in the last quarter. Voleon Capital Management LP bought a new stake in Gray Media in the 4th quarter valued at $32,000. Ameriprise Financial Inc. acquired a new position in Gray Media in the 4th quarter valued at $33,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Gray Media during the fourth quarter worth $34,000. 78.64% of the stock is owned by institutional investors.

Gray Media Stock Performance

Shares of GTN opened at $4.73 on Thursday. The stock has a 50-day moving average price of $4.52 and a 200-day moving average price of $4.09. The company has a market cap of $480.28 million, a PE ratio of 2.05 and a beta of 1.19. Gray Media Inc. has a 12-month low of $2.91 and a 12-month high of $6.56. 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 (NYSE:GTN) last announced its earnings results on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.26. The company had revenue of $782.00 million during the quarter, compared to the consensus estimate of $772.71 million. Gray Media had a return on equity of 12.75% and a net margin of 7.72%. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 earnings per share. As a group, equities analysts forecast that Gray Media Inc. will post 3.32 earnings per share for the current fiscal year.

Gray Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.08 dividend. 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 6.77%. Gray Media’s dividend payout ratio (DPR) is 13.85%.

Insider Buying and Selling at Gray Media

In related news, CFO Jeffrey R. Gignac purchased 12,500 shares of Gray Media stock in a transaction dated Thursday, June 5th. The stock was purchased at an average cost of $3.68 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief financial officer directly owned 644,599 shares of the company’s stock, valued at $2,372,124.32. The trade was a 1.98% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 15.22% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GTN has been the topic of several research analyst reports. Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. 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 report on Monday, May 12th. Finally, Benchmark decreased their target price on Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.17.

Gray Media Company Profile

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.