Bart Baum‘s Ionic Capital Management has disclosed in a new filing with the SEC boosting its passive stake in LIN Media LLC (NYSE:LIN) to over 1.75 million class A shares, from some 722,200 shares held previously. The new position accounts for around 5.1% of the outstanding stock.
LIN Media LLC (NYSE:LIN) is a multimedia company that operates television stations and digital channels. At the end of last year, Mario Gabelli‘s Gamco Investors held a big position in the company, which contained 1.61 million shares. Two other investors, Amy Minella‘s Cardinal Capital and Keith Meister‘s Corvex Capital have been bullish on the stock and during the fourth quarter of 2013, upped their positions by 85% and 69% respectively to 966,900 shares and 949,600 shares respectively.
Earlier this year, LIN Media LLC (NYSE:LIN), through its subsidiary, LIN Digital Media signed a purchase agreement under the terms of which it will acquire Federated Media Publishing, a content and conversational marketing company.
For the previous year, the revenue of LIN Media LLC (NYSE:LIN) jumped by an annual 18% to $652.4 million, while its net income advanced to $2.84 per share, from a loss of $0.13 posted for 2012. The stock of LIN Media more than doubled since the beginning of the year and trails a P/E of 9.xx, almost double in comparison with the industry average of 4.xx. Moreover, LIN’s stock has a forward P/E of 25.xx and a Price/Earnings to Growth Ratio of more than 5.00.
Earlier this year, Ionic Capital Management also surged its stake in Gencorp Inc (NYSE:GY) to 5.07% of the company. Ionic Capital now holds 3.18 million shares of the company. The fund has a $3.5 billion equity portfolio, in which ArcelorMittal SA (ADR) (NYSE:MT) represents the largest holding with a value of $171.74 million, which contains 6.64 million shares.