Does the Market Have Doubts About Gray Television’s (GTN) Future?

Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.07% net of fees versus a 7.04% return for the benchmark, ICE BofA US High Yield Index, and underperforming the S&P 500’s 11.69% gain. Year-to-date the fund was up 12.59% net of fees compared to 13.44% for the benchmark and 26.29% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Miller Value Partners Income Strategy featured stocks such as Gray Television, Inc. (NYSE:GTN) in the fourth quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Gray Television, Inc. (NYSE:GTN) is a television broadcasting company. On January 12, 2024, Gray Television, Inc. (NYSE:GTN) stock closed at $9.18 per share. One-month return of Gray Television, Inc. (NYSE:GTN) was 4.79%, and its shares lost 20.52% of their value over the last 52 weeks. Gray Television, Inc. (NYSE:GTN) has a market capitalization of $875.661 million.

Miller Value Partners Income Strategy stated the following regarding Gray Television, Inc. (NYSE:GTN) in its fourth quarter 2023 investor letter:

“During the fourth quarter, we eliminated two positions comprising approximately 6% of the portfolio where new information suggested that our investment thesis was wrong. As active managers, we are able to proactively make adjustments in the portfolio, a key difference from strategies that are rebalanced to a benchmark on a set frequency. Two new additions included a starter position in wood products maker Boise Cascade (BCC) as well as the debt of Gray Television, Inc. (NYSE:GTN)n, a top operator of local television stations. We think Boise Cascade is a good business trading at a compelling valuation with a fortress balance sheet, while we believe markets are too pessimistic on Gray Television’s staying power.”

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Gray Television, Inc. (NYSE:GTN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Gray Television, Inc. (NYSE:GTN) at the end of third quarter which was 28 in the previous quarter.

We discussed Gray Television, Inc. (NYSE:GTN) in another article and shared the list of best value stocks picked by Seth Klarman to buy heading into 2024. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.