[SCHEDULE 13G/A] Quad/Graphics, Inc. Amended Passive Investment Disclosure
Miller Value reports 5.93% stake in Quad/Graphics
Quad/Graphics, Inc. investor Miller Value Partners, LLC and its control person William H. Miller IV report beneficial ownership in the company’s Class A common stock on a Schedule 13G/A (Amendment No. 1).
Quad/Graphics, Inc. investor Miller Value Partners, LLC and its control person William H. Miller IV report beneficial ownership in the company’s Class A common stock on a Schedule 13G/A (Amendment No. 1). They report shared voting and dispositive power over 2,252,054 shares, representing 5.93% of the outstanding class.
The shares are held in various client accounts managed by Miller Value Partners, LLC, which have the right to receive dividends and sale proceeds; no single client account holds more than 5% of the class. Miller Value Partners and Miller IV are filing jointly under a joint filing agreement, with authority delegated to Chief Compliance Officer Christopher Anderson via a power of attorney.
Positive
None.
Negative
None.
Key Figures
Shares with shared voting power:2,252,054 sharesShares with shared dispositive power:2,252,054 sharesPercent of class owned:5.93%+3 more
6 metrics
Shares with shared voting power2,252,054 sharesQuad/Graphics Class A common stock over which Miller Value Partners and William H. Miller IV share voting power
Shares with shared dispositive power2,252,054 sharesQuad/Graphics Class A common stock over which they share dispositive power
Percent of class owned5.93%Reported beneficial ownership percentage of Quad/Graphics Class A common stock
CUSIP747301109CUSIP for Quad/Graphics, Inc. Class A Common Stock
Power of Attorney effective dateJuly 23, 2024Effective date of power of attorney granted to Christopher B. Anderson
Reporting date referenced07/24/2026Date associated with the Schedule 13G/A Amendment No. 1
Key Terms
beneficial owner, shared voting power, shared dispositive power, Investment Advisers Act of 1940, +1 more
5 terms
beneficial ownerregulatory
"therefore deemed to be beneficial owner of same"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
shared voting powerregulatory
"Shared Voting Power 2,252,054.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 2,252,054.00"
Investment Advisers Act of 1940regulatory
"an investment adviser registered under the Investment Advisers Act of 1940"
A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.
Schedule 13Gregulatory
"file jointly the statement on to which this Agreement is attached, and any amendments thereto, pursuant to Regulation 13D-G"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What stake in Quad/Graphics (QUAD) does Miller Value Partners report on this Schedule 13G/A?
Miller Value Partners, LLC and William H. Miller IV report beneficial ownership of 5.93% of Quad/Graphics’ Class A common stock, with shared voting and dispositive power over 2,252,054 shares held in client accounts.
Who actually owns the 2,252,054 Quad/Graphics (QUAD) shares referenced in the filing?
The 2,252,054 shares are owned by clients of Miller Value Partners, LLC. As investment adviser and control person, Miller Value Partners and William H. Miller IV are deemed beneficial owners, with shared voting and dispositive power over those shares.
Does any single Miller Value Partners client hold more than 5% of Quad/Graphics (QUAD)?
No. The filing states that various accounts managed by Miller Value Partners hold the shares and that no individual account owns more than 5% of Quad/Graphics’ outstanding Class A common stock.
What voting and dispositive powers over Quad/Graphics (QUAD) stock are reported?
Miller Value Partners, LLC and William H. Miller IV each report 0 shares with sole voting or dispositive power and 2,252,054 shares with shared voting and shared dispositive power over Quad/Graphics Class A common stock.
Who signed the Quad/Graphics (QUAD) Schedule 13G/A on behalf of Miller Value Partners and William H. Miller IV?
The filing is signed by Christopher Anderson, Chief Compliance Officer of Miller Value Partners, LLC, including on behalf of William H. Miller IV under a power of attorney effective July 23, 2024.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Quad/Graphics, Inc.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
747301109
(CUSIP Number)
07/24/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
747301109
1
Names of Reporting Persons
Miller Value Partners, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
FLORIDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,054.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,054.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.93 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: 2,252,054 shares of common stock are owned by clients of Miller Value Partners, LLC, a registered investment adviser. William H. Miller IV is the control person of Miller Value Partners, LLC and therefore deemed to be beneficial owner of same.
SCHEDULE 13G
CUSIP Number(s):
747301109
1
Names of Reporting Persons
William H. Miller IV
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,054.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,054.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.93 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: 2,252,054 shares of common stock are owned by clients of Miller Value Partners, LLC, a registered investment adviser. William H. Miller IV is the control person of Miller Value Partners, LLC and therefore deemed to be beneficial owner of same.
Address or principal business office or, if none, residence:
50 S. LEMON AVE #302
SARASOTA, Florida
34236
(c)
Citizenship:
Miller Value Partners, LLC - FLORIDA
William H. Miller IV - UNITED STATES
(d)
Title of class of securities:
Class A Common Stock
(e)
CUSIP No.:
747301109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
0
(b)
Percent of class:
5.93 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Miller Value Partners, LLC - 0
William H. Miller IV - 0
(ii) Shared power to vote or to direct the vote:
Miller Value Partners, LLC - 2,252,054
William H. Miller IV - 2,252,054
(iii) Sole power to dispose or to direct the disposition of:
Miller Value Partners, LLC - 0
William H. Miller IV - 0
(iv) Shared power to dispose or to direct the disposition of:
Miller Value Partners, LLC - 2,252,054
William H. Miller IV - 2,252,054
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Various accounts managed by Miller Value Partners, LLC have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities. No other such account owns more than 5% of the outstanding shares.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Exhibit A.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Miller Value Partners, LLC
Signature:
/s/ Christopher Anderson
Name/Title:
Christopher Anderson, Chief Compliance Officer
Date:
08/07/2026
William H. Miller IV
Signature:
/s/ Christopher Anderson
Name/Title:
Christopher Anderson, on behalf of William H. Miller IV
Date:
08/07/2026
Exhibit Information
Exhibit A
Joint Filing Agreement
Miller Value Partners, LLC (an investment adviser registered under the Investment Advisers Act of 1940) and its control person, William H. Miller IV, hereby agree to file jointly the statement on Schedule 13G to which this Agreement is attached, and any amendments thereto which may be deemed necessary, pursuant to Regulation 13D-G under the Securities Exchange Act of 1934.
It is understood and agreed that each of the parties hereto is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning such party contained therein, but such party is not
responsible for the completeness or accuracy of information concerning the other party unless such party knows or has reason to believe that such information is inaccurate.
Miller Value Partners, LLC
Date: 8/7/2026
Signature: /s/ Christopher Anderson
Name & Title: Christopher Anderson, Chief Compliance Officer
William H. Miller IV
Date: 8/7/2026
Signature: /s/ Christopher Anderson
Duly authorized under the Power of Attorney effective as of July 23, 2024 (Exhibit B)
Exhibit B
POWER OF ATTORNEY
Effective as of the date hereof, the undersigned does hereby appoint Christopher B. Anderson, with full power of substitution, with full power and authority to execute such documents and to make such regulatory or other filings and amendments thereto as shall from time to time be required pursuant to the Securities Exchange Act of 1934, as amended, any rules or regulations adopted thereunder, and such other U.S. and non-U.S. laws, rules or regulations as shall from time to time be applicable in respect of the beneficial ownership of securities directly or indirectly attributable to the undersigned. I hereby ratify and confirm all that said attorney-in-fact or his substitutes may do or cause to be done by virtue hereof.
This Power of Attorney shall remain in full force and effect only for such time as Christopher B. Anderson shall continue to be an officer of Miller Value Partners, LLC, provided that, notwithstanding the foregoing, this Power of Attorney may be revoked at any time by the undersigned in writing.
This Power of Attorney has been executed as of July 23, 2024.
By: /s/ William H. Miller IV
