In this article, we discuss 5 stocks to buy now according to Steve Ketchum’s Sound Point Capital. If you want to read our detailed analysis of Ketchum’s history and hedge fund performance, go directly to 10 Stocks to Buy Now According to Steve Ketchum’s Sound Point Capital.
5. Gray Television, Inc. (NYSE:GTN)
Sound Point Capital’s Stake Value: $963,000
Percentage of Sound Point Capital’s 13F Portfolio: 3.4%
Number of Hedge Fund Holders: 19
Gray Television, Inc. (NYSE:GTN) is a television broadcasting corporation that owns and operates television stations and digital assets across the United States. Gray Television, Inc. (NYSE:GTN) recently saw a decrease in hedge fund sentiment. Long hedge fund positions fell to 19 at the end of the fourth quarter, from 20 at the end of the previous quarter.
Loop Capital analyst Alan Gould maintained a Buy rating on Gray Television, Inc. (NYSE:GTN) and boosted his price objective to $33 from $30 on March 7. Millennium Management owned the leading stake in Gray Television, Inc. (NYSE:GTN) at the end of Q4 2021, with 1.33 million shares totaling $26.74 million.
In the fourth quarter of 2021, Sound Point Capital increased its holdings in Gray Television, Inc. (NYSE:GTN) by purchasing 8,500 more shares. This makes their stake in Gray Television, Inc. (NYSE:GTN) total 47,757 shares worth $963,000.
4. Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)
Sound Point Capital’s Stake Value: $1,015,000
Percentage of Sound Point Capital’s 13F Portfolio: 3.59%
Number of Hedge Fund Holders: 20
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) is a media firm that specializes in local sports and news coverage. Broadcast, Local Sports, and Others are the three sectors through which it works. Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) declared a quarterly dividend of $0.25 per share on February 23, reflecting a 25% increase.
20 out of the 924 hedge funds held stakes in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) in the fourth quarter of 2021, worth $374.06 million, compared to the same number of funds in the previous quarter holding stakes in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) totaling $437.30 million.
Steve Ketchum’s Sound Point Capital held 38,409 shares in the media firm Sinclair Broadcast Group, Inc. (NASDAQ:SBGI), valued at more than $1.02 million, accounting for 3.59% of their investment portfolio. With 4.75 million shares worth $125.54 million, HG Vora Capital Management is Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)’s largest stakeholder.
3. DISH Network Corporation (NASDAQ:DISH)
Sound Point Capital’s Stake Value: $1,052,000
Percentage of Sound Point Capital’s 13F Portfolio: 3.72%
Number of Hedge Fund Holders: 54
DISH Network Corporation (NASDAQ:DISH) is a holding company that provides pay-television services. It works in two segments: pay-TV and wireless. Sound Point Capital elevated its position in DISH Network Corporation (NASDAQ:DISH) by 135% in Q4 2021, holding 32,434 shares worth over $1.05 million. The stock accounts for 3.72% of the fund’s total 13F portfolio.
On March 21, Citi analyst Michael Rollins decreased his price objective on DISH Network Corporation (NASDAQ:DISH) from $52 to $46 and maintained a Buy rating. Following the Q4 data, the analyst adjusted his model to account for lower volumes across Sling, DBS, and wireless.
By the end of the fourth quarter, Insider Monkey found DISH Network Corporation (NASDAQ:DISH) to be a part of 54 hedge fund portfolios. These funds’ total interests in the firm are worth $3.04 billion, up from $2.44 billion in the previous quarter, when 51 positions were held.
ClearBridge Investments, in its second quarter 2021 investor letter, mentioned DISH Network Corporation (NASDAQ:DISH). Here‘s what the fund said:
“Portfolio holdings in the communication services and financials sectors also made strong contributions. Dish Network continues to make progress on the buildout of its greenfield 5G network, with Las Vegas slated to become the first market launched later this year. The company gained credibility, and its stock reacted favorably, after it announced a partnership with Amazon to deploy a 5G cloud-native network using AWS’s cloud infrastructure. While the stock has been volatile in recent quarters, we continue to feel confident in Dish’s long-term prospects, which include competing as a fourth U.S. wireless carrier. Charter Communications has been executing well and benefiting from the growth in residential broadband, which has been accelerated by COVID-19 and should see further support from the Biden Administration’s infrastructure bill, which earmarks $65 billion for broadband buildout. In addition, we expect the company to continue to grow its wireless business, leveraging its mobile virtual network operator (MVNO) relationship with Verizon. The company continues to generate strong and growing free cash flow and deploys it toward consistent and material share buybacks.”
2. Lions Gate Entertainment Corp. (NYSE:LGF-B)
Sound Point Capital’s Stake Value: $1,078,000
Percentage of Sound Point Capital’s 13F Portfolio: 3.81%
Number of Hedge Fund Holders: 23
In Canada, the United States, and globally, Lions Gate Entertainment Corp. (NYSE:LGF-B) operates in the film, television, subscription, and location-based entertainment industries. On January 31, Truist analyst Matthew Thornton maintained a Buy recommendation on Lions Gate Entertainment Corp. (NYSE:LGF-B) and boosted his price objective to $18 from $16.
Insider Monkey reported 23 hedge funds had positions in Lions Gate Entertainment Corp. (NYSE:LGF-B) by the end of the fourth quarter of 2021. These holdings were worth a total of $487.85 million.
Sound Point Capital holds 70,063 shares in Lions Gate Entertainment Corp. (NYSE:LGF-B), worth over $1.08 million. This represents 3.81% of its portfolio. Mark Rachesky’s MHR Fund Management is the leading shareholder of Lions Gate Entertainment Corp. (NYSE:LGF-B), owning 19.26 million shares worth $320.43 million.
In its fourth-quarter 2021 investor letter, Sterling Partners Equity Advisors mentioned Lions Gate Entertainment Corp. (NYSE:LGF-B). Here is what the fund said:
“Lionsgate is a global content platform whose films, television series, digital products and linear and over-the-top platforms reach audiences around the world. Our thesis is that part of the growth of leisure, entertainment, and the content that drives it, will continue to gain share of the economy.
Management indicated positive momentum in all business segments during the quarter. Starz added 1.3 million global streaming subscribers with strong premieres of three new series. The Television Group launched six new series and renewed six current shows. The Motion Picture Grouped added nine new film production starts to a robust pipeline. Lionsgate completed an acquisition of a 200-title library from Sypglass Media Group.”
1. iHeartMedia, Inc. (NASDAQ:IHRT)
Sound Point Capital’s Stake Value: $1,104,000
Percentage of Sound Point Capital’s 13F Portfolio: 3.9%
Number of Hedge Fund Holders: 28
iHeartMedia, Inc. (NASDAQ:IHRT) is a media and entertainment company that offers a variety of services. Super League Gaming and iHeartMedia, Inc. (NASDAQ:IHRT) joined together on March 30 to offer Super League’s ad inventory and influencer network to businesses eager to break into the metaverse.
Overall, 28 hedge funds monitored by Insider Monkey were bullish on iHeartMedia, Inc. (NASDAQ:IHRT) in the fourth quarter. The stakes of these funds are valued at $410.48 million. Silver Point Capital owns the leading position in iHeartMedia, Inc. (NASDAQ:IHRT), with 5.73 million shares worth approximately $120.51 million.
iHeartMedia, Inc. (NASDAQ:IHRT) has featured on Sound Point Capital’s portfolio since the third quarter of 2019. Steve Ketchum’s Sound Point Capital had 52,448 shares of iHeartMedia, Inc. (NASDAQ:IHRT) in its portfolio, valued at $1.10 million as of the fourth quarter of 2021.
Palm Harbour Capital, in its fourth-quarter 2021 investor letter, mentioned iHeartMedia, Inc. (NASDAQ:IHRT). Here is what the fund has to say:
“The fourth detractor was iHeartMedia, the American Radio and Podcasting company. The company reported 25% year on year revenue increase exceeding prior guidance of 20%. The Podcasting revenue increased from $22.6 million to $64.2 million year over year (+183.7%). Adjusted EBITDA reached $230 million up 42% year over year with margins increasing by 400 basis points. Management positively guided for year-end with expectations to reach 2019 performance. Subsequently the CEO and CFO both purchased shares. Lastly, the FTC gave permission for Global Media & Entertainment Investments, the largest radio owner in Europe, to increase their stake in the company up to 14.99% from 8.7%. “
Bonus: Maxar Technologies Inc. (NYSE:MAXR)
Sound Point Capital’s Stake Value: $2,170,000
Percentage of Sound Point Capital’s 13F Portfolio: 7.68%
Number of Hedge Fund Holders: 16
Maxar Technologies Inc. (NYSE:MAXR) is a space technology company that provides unrivaled end-to-end capabilities in satellites, robots, Earth imaging, geospatial data, analytics, and insights. RBC Capital analyst Ken Herbert commenced coverage of Maxar Technologies Inc. (NYSE:MAXR) on January 20, assigning the stock an Outperform rating with a price target of $42.
Sound Point Capital held 73,500 shares in Maxar Technologies Inc. (NYSE:MAXR) worth over $2.17 million, representing 7.68% of its investment portfolio. The hedge fund cut its holdings in Maxar Technologies Inc. (NYSE:MAXR) by 4% in the fourth quarter.
According to the Q4 database of Insider Monkey, 16 hedge funds held long positions in Maxar Technologies Inc. (NYSE:MAXR), up from 13 funds in the prior quarter. Simcoe Capital Management owns a significant stake in Maxar Technologies Inc. (NYSE:MAXR), with shares worth $74.84 million.
You can also take a peek at 10 Dividend Stocks to Buy According to Stuart Zimmer’s Zimmer Partners and 10 Real Estate Stocks to Buy Now According to Charles Fitzgerald’s V3 Capital.
