Miller Value Partners LLC Purchases Shares of 7,243,390 Gray Media Inc. $GTN

Miller Value Partners LLC purchased a new position in shares of Gray Media Inc. (NYSE:GTN) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,243,390 shares of the company’s stock, valued at approximately $28,756,000. Gray Media comprises about 6.8% of Miller Value Partners LLC’s portfolio, making the stock its 2nd biggest position. Miller Value Partners LLC owned about 7.03% of Gray Media at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GTN. Cetera Investment Advisers increased its holdings in Gray Media by 3.7% in the 1st quarter. Cetera Investment Advisers now owns 69,392 shares of the company’s stock valued at $301,000 after purchasing an additional 2,477 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Gray Media by 57.1% in the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock valued at $34,000 after purchasing an additional 2,873 shares during the last quarter. Deutsche Bank AG grew its stake in Gray Media by 6.0% during the 4th quarter. Deutsche Bank AG now owns 54,507 shares of the company’s stock valued at $264,000 after purchasing an additional 3,066 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Gray Media by 68.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after purchasing an additional 4,217 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its holdings in Gray Media by 24.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock worth $104,000 after purchasing an additional 4,278 shares during the last quarter. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Gray Media Trading Up 2.1%

Shares of GTN stock opened at $5.03 on Wednesday. Gray Media Inc. has a 1 year low of $3.55 and a 1 year high of $6.43. The stock has a fifty day moving average of $4.24 and a two-hundred day moving average of $4.57. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $517.47 million, a PE ratio of -8.24, a price-to-earnings-growth ratio of 0.10 and a beta of 0.94.

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

Gray Media Announces Dividend

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

Analyst Upgrades and Downgrades

GTN has been the topic of a number of research analyst reports. Guggenheim reduced their price objective on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Wall Street Zen upgraded Gray Media from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gray Media in a research report on Wednesday, August 12th. Finally, Barrington Research reissued an “outperform” rating and set a $6.50 price target on shares of Gray Media in a report on Tuesday, April 28th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.88.

About Gray Media

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.