Gray Media Inc. $GTN Stock Holdings Boosted by Miller Value Partners LLC

Miller Value Partners LLC raised its position in Gray Media Inc. (NYSE:GTN) by 12.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,988,495 shares of the company’s stock after acquiring an additional 430,280 shares during the quarter. Gray Media makes up 6.8% of Miller Value Partners LLC’s investment portfolio, making the stock its 3rd largest position. Miller Value Partners LLC’s holdings in Gray Media were worth $19,304,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of GTN. Engineers Gate Manager LP purchased a new position in shares of Gray Media during the fourth quarter valued at about $55,000. Balyasny Asset Management L.P. purchased a new position in shares of Gray Media during the fourth quarter valued at about $454,000. Aristeia Capital L.L.C. purchased a new position in shares of Gray Media during the fourth quarter valued at about $757,000. AQR Capital Management LLC increased its position in shares of Gray Media by 1.7% during the fourth quarter. AQR Capital Management LLC now owns 1,161,583 shares of the company’s stock valued at $5,622,000 after buying an additional 19,288 shares during the period. Finally, Trexquant Investment LP increased its position in shares of Gray Media by 116.7% during the fourth quarter. Trexquant Investment LP now owns 424,160 shares of the company’s stock valued at $2,053,000 after buying an additional 228,458 shares during the period. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Insider Buying and Selling

In related 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 transaction of $250,800.00. Following the sale, the director owned 4,591 shares of the company’s stock, valued at $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 SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.95% of the stock is owned by insiders.

Gray Media Trading Down 4.0%

NYSE:GTN opened at $3.75 on Thursday. Gray Media Inc. has a one year low of $3.50 and a one year high of $6.43. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.20 and a quick ratio of 1.20. The company’s 50-day simple moving average is $4.67 and its 200 day simple moving average is $4.72. The firm has a market capitalization of $384.76 million, a P/E ratio of -2.45 and a beta of 0.94.

Gray Media (NYSE:GTN) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.02). Gray Media had a negative return on equity of 3.07% and a negative net margin of 3.12%.The business had revenue of $768.00 million for the quarter, compared to the consensus estimate of $768.05 million. During the same period in the previous year, the firm earned ($0.23) EPS. The company’s revenue was down 1.8% on a year-over-year basis. As a group, analysts forecast that Gray Media Inc. will post 1.8 EPS for the current fiscal year.

Gray Media Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.32 annualized dividend and a yield of 8.5%. Gray Media’s payout ratio is presently -20.92%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GTN. Guggenheim reduced their price target 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. Wall Street Zen upgraded shares of Gray Media from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Barrington Research reiterated an “outperform” rating and set a $6.50 price target on shares of Gray Media in a research report on Tuesday, April 28th. Zacks Research cut shares of Gray Media from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Wells Fargo & Company boosted their price target on shares of Gray Media from $5.50 to $6.00 and gave the company an “equal weight” rating in a research report on Monday, March 2nd. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Gray Media presently has an average rating of “Hold” and an average target price of $7.88.

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.