Gray Media Inc. $GTN Stake Increased by Miller Value Partners LLC

Key Points

• Miller Value Partners LLC increased its Gray Media stake by 12.1% in the fourth quarter, adding 430,280 shares to reach 3,988,495 shares. The position was worth about $19.3 million and made Gray Media the fund’s third-largest holding.
• Other institutional investors also boosted their positions, and hedge funds plus other institutions now own 78.64% of Gray Media’s shares. However, insider activity included a large sale by Director Richard Lee Boger, who sold 57,000 shares to cover tax withholding related to equity awards.
• Gray Media reported weaker-than-expected quarterly results, posting an EPS loss of $0.34 versus estimates of a $0.32 loss, while revenue was essentially in line at $768 million. The company also declared a quarterly dividend of $0.08 per share, implying an annualized yield of 8.5%.

Miller Value Partners LLC grew its stake in shares of Gray Media Inc. (NYSE:GTN - Free Report) by 12.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,988,495 shares of the company's stock after buying an additional 430,280 shares during the quarter. Gray Media accounts for 6.8% of Miller Value Partners LLC's investment portfolio, making the stock its 3rd biggest position. Miller Value Partners LLC owned 3.91% of Gray Media worth $19,304,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital Management Corp VA raised its position in Gray Media by 4.1% in the 4th quarter. Capital Management Corp VA now owns 6,149,022 shares of the company's stock worth $29,761,000 after purchasing an additional 242,525 shares during the period. Penn Capital Management Company LLC raised its position in Gray Media by 43.6% in the 3rd quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company's stock worth $18,758,000 after purchasing an additional 983,415 shares during the period. HighTower Advisors LLC raised its position in Gray Media by 176.7% in the 3rd quarter. HighTower Advisors LLC now owns 338,024 shares of the company's stock worth $1,954,000 after purchasing an additional 215,847 shares during the period. WINTON GROUP Ltd purchased a new position in Gray Media in the 3rd quarter worth $1,007,000. Finally, Indivisible Partners purchased a new position in Gray Media in the 4th quarter worth $557,000. Hedge funds and other institutional investors own 78.64% of the company's stock.

Insider Activity

In other Gray Media news, Director Richard Lee Boger sold 57,000 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $4.40, for a total value of $250,800.00. Following the transaction, the director owned 4,591 shares in the company, valued at approximately $20,200.40. The trade was a 92.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 8.95% of the company's stock.

Analyst Upgrades and Downgrades

GTN has been the topic of a number of analyst reports. Weiss Ratings cut shares of Gray Media from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, May 15th. Guggenheim decreased their target price on shares of Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Friday, May 15th. Zacks Research cut shares of Gray Media from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Benchmark lifted their target price on shares of Gray Media from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Finally, Wells Fargo & Company lifted their target price on shares of Gray Media from $5.50 to $6.00 and gave the stock an "equal weight" rating in a research report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $7.88.

Gray Media Price Performance

GTN stock opened at $3.75 on Thursday. The firm's 50-day moving average price is $4.67 and its two-hundred day moving average price is $4.72. Gray Media Inc. has a 12-month low of $3.50 and a 12-month high of $6.43. The stock has a market capitalization of $384.76 million, a price-to-earnings ratio of -2.45 and a beta of 0.94. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.72.

Gray Media (NYSE:GTN - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.02). Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.07%. The firm had revenue of $768.00 million during the quarter, compared to analysts' expectations of $768.05 million. During the same quarter in the previous year, the firm posted ($0.23) EPS. Gray Media's revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts predict that Gray Media Inc. will post 1.8 earnings per share for the current year.

Gray Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.08 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.5%. Gray Media's payout ratio is presently -20.92%.

Gray Media Company Profile

Gray Media NYSE: GTN is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company's core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media's television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.

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