James Investment Research Inc. raised its position in Gannett Co Inc (NYSE:GCI) by 17.1% in the third quarter, HoldingsChannel.com reports. The fund owned 210,405 shares of the company’s stock after purchasing an additional 30,660 shares during the quarter. James Investment Research Inc.’s holdings in Gannett were worth $2,106,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the business. First Trust Advisors LP grew its stake in Gannett by 13.8% in the third quarter. First Trust Advisors LP now owns 221,895 shares of the company’s stock valued at $2,221,000 after acquiring an additional 26,935 shares during the period. Alpha Windward LLC acquired a new stake in Gannett in the third quarter valued at approximately $520,000. Nisa Investment Advisors LLC grew its stake in Gannett by 28.9% in the third quarter. Nisa Investment Advisors LLC now owns 140,650 shares of the company’s stock valued at $1,408,000 after acquiring an additional 31,500 shares during the period. NJ State Employees Deferred Compensation Plan acquired a new stake in Gannett in the third quarter valued at approximately $120,000. Finally, North Star Investment Management Corp. grew its stake in Gannett by 9.8% in the third quarter. North Star Investment Management Corp. now owns 422,647 shares of the company’s stock valued at $4,231,000 after acquiring an additional 37,686 shares during the period. 98.32% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on the company. JPMorgan Chase & Co. cut Gannett from a “neutral” rating to an “underweight” rating and set a $10.00 price objective for the company. in a research note on Friday, July 6th. Noble Financial set a $15.00 price objective on Gannett and gave the company a “buy” rating in a research note on Tuesday, August 28th. ValuEngine cut Gannett from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. Finally, Zacks Investment Research raised Gannett from a “sell” rating to a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $12.50.
Shares of NYSE:GCI opened at $9.81 on Friday. The company has a market cap of $1.11 billion, a P/E ratio of 8.56 and a beta of 0.91. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.22 and a current ratio of 1.22. Gannett Co Inc has a 12-month low of $8.42 and a 12-month high of $12.38.
Gannett (NYSE:GCI) last announced its earnings results on Thursday, August 9th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.10. The company had revenue of $730.77 million for the quarter, compared to analysts’ expectations of $739.17 million. Gannett had a return on equity of 13.14% and a net margin of 0.83%. Gannett’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 earnings per share. As a group, research analysts predict that Gannett Co Inc will post 1.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 24th. Investors of record on Monday, December 10th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, December 7th. This represents a $0.64 annualized dividend and a dividend yield of 6.52%. Gannett’s payout ratio is 62.14%.
In related news, CMO Andrew T. Yost sold 3,500 shares of Gannett stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $10.31, for a total transaction of $36,085.00. Following the transaction, the chief marketing officer now owns 3,534 shares of the company’s stock, valued at $36,435.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Andrew T. Yost sold 5,175 shares of Gannett stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $10.39, for a total value of $53,768.25. Following the transaction, the insider now directly owns 7,034 shares in the company, valued at approximately $73,083.26. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,012 shares of company stock worth $93,318. 0.74% of the stock is owned by insiders.
Gannett Co, Inc operates as a media and marketing solutions company. The company operates through Publishing and ReachLocal segments. The company offers print and digital daily and non-daily publications under the USA TODAY NETWORK brand name in the United States; and Newsquest, which has print and online publications portfolio of approximately 170 news brands and 80 magazines in the United Kingdom.
Further Reading: Market Capitalization – What it Means for Investors
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