Miller Value Partners LLC Makes New Investment in Gray Media Inc. $GTN

Miller Value Partners LLC purchased a new stake in Gray Media Inc. (NYSE:GTN) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 7,243,390 shares of the company’s stock, valued at approximately $28,756,000. Gray Media comprises approximately 6.8% of Miller Value Partners LLC’s portfolio, making the stock its 2nd biggest position. Miller Value Partners LLC owned 0.07% of Gray Media as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in GTN. Acadian Asset Management LLC acquired a new position in shares of Gray Media in the 1st quarter worth approximately $28,000. Legal & General Group Plc acquired a new stake in Gray Media during the second quarter valued at approximately $32,000. Parallel Advisors LLC boosted its holdings in Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock worth $34,000 after buying an additional 2,873 shares in the last quarter. Abel Hall LLC bought a new stake in Gray Media during the first quarter worth approximately $49,000. Finally, PDT Partners LLC acquired a new position in Gray Media in the second quarter worth approximately $49,000. Institutional investors own 78.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Barrington Research reiterated an “outperform” rating and set a $6.50 price objective on shares of Gray Media in a research report on Tuesday, April 28th. Guggenheim cut their target price on Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Weiss Ratings reiterated a “sell (d)” rating on shares of Gray Media in a research report on Wednesday, August 12th. Finally, Wall Street Zen upgraded Gray Media from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.88.

Gray Media Stock Up 2.1%

Shares of Gray Media stock opened at $5.03 on Wednesday. The stock has a 50-day moving average price of $4.24 and a 200 day moving average price of $4.57. The company has a market cap of $517.47 million, a P/E ratio of -8.24, a P/E/G ratio of 0.10 and a beta of 0.94. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 2.73. Gray Media Inc. has a 1 year low of $3.55 and a 1 year high of $6.43.

Gray Media (NYSE:GTN) last released its earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $839.00 million for the quarter, compared to analysts’ expectations of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.71) EPS. As a group, analysts expect that Gray Media Inc. will post 2.33 EPS for the current fiscal year.

Gray Media Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.32 dividend on an annualized basis and a yield of 6.4%. Gray Media’s payout ratio is presently -52.46%.

Gray Media 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.