Legendary Value Investor Seth Klarman is Buying These 5 Stocks

3. Gray Television, Inc. (NYSE:GTN)

Baupost Group’s Stake Value: $28.49 million

Percentage of Baupost Group’s 13F Portfolio: 0.3%

Number of Hedge Fund Holders: 19

Increase in Stake: New Addition To Portfolio

Gray Television, Inc. (NYSE:GTN) was a new addition to the portfolio of legendary value investor Seth Klarman in the first quarter of 2021. His stake in the firm consisted of 1.29 million shares worth $28.5 million. Based in Atlanta, Gray Television, Inc. (NYSE:GTN) operates as a television broadcasting company which owns television stations and produces television content for viewership across local markets in the United States.

Loop Capital analyst Alan Gould on March 7 maintained a ‘Buy’ rating on Gray Television, Inc. (NYSE:GTN) shares, stating that it trades at the lowest multiple of all broadcasters despite it offering one of the strongest TV station portfolios. The analyst increased the price target on the shares to $33 from $30.

19 hedge funds were long Gray Television, Inc. (NYSE:GTN) at the close of the fourth quarter, with combined positions worth $96.7 million. In contrast, 20 hedge funds held $74.1 million worth of stakes in the broadcasting firm a quarter ago.

For the first quarter, Gray Television, Inc. (NYSE:GTN) recorded $827 million in revenue, showing an increase of 52% from the year-ago quarter, and beating estimates by $21.8 million. EPS of $0.59 was also recorded above analysts’ estimates by $0.26.