Andrew T. Yost Sells 3,500 Shares of Gannett Co Inc (GCI) Stock

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Gannett Co Inc (NYSE:GCI) CMO Andrew T. Yost sold 3,500 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $10.31, for a total value of $36,085.00. Following the transaction, the chief marketing officer now directly owns 3,534 shares in the company, valued at approximately $36,435.54. The transaction was disclosed in a filing with the SEC, which is available at this link.

Shares of NYSE GCI opened at $10.49 on Tuesday. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.30. Gannett Co Inc has a 1-year low of $7.94 and a 1-year high of $12.38. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 8.92 and a beta of 0.95.

Gannett (NYSE:GCI) last issued its quarterly earnings results on Thursday, August 9th. The company reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.10. Gannett had a return on equity of 13.14% and a net margin of 0.83%. The company had revenue of $730.77 million for the quarter, compared to the consensus estimate of $739.17 million. During the same quarter in the prior year, the business earned $0.18 EPS. Gannett’s revenue was down 5.6% on a year-over-year basis. research analysts expect that Gannett Co Inc will post 1.07 earnings per share for the current fiscal year.

Gannett declared that its board has approved a share repurchase plan on Tuesday, May 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 24th. Stockholders of record on Monday, September 10th will be issued a $0.16 dividend. The ex-dividend date is Friday, September 7th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 6.10%. Gannett’s payout ratio is currently 62.14%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Trilogy Capital Inc. purchased a new position in shares of Gannett in the 2nd quarter valued at about $242,000. Millennium Management LLC increased its holdings in shares of Gannett by 1,547.3% in the 2nd quarter. Millennium Management LLC now owns 1,207,217 shares of the company’s stock valued at $12,917,000 after acquiring an additional 1,133,934 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in shares of Gannett in the 2nd quarter valued at about $1,194,000. Cubist Systematic Strategies LLC purchased a new position in shares of Gannett in the 2nd quarter valued at about $275,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Gannett in the 2nd quarter valued at about $219,000. Institutional investors and hedge funds own 96.45% of the company’s stock.

GCI has been the topic of several recent research reports. ValuEngine downgraded Gannett from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. Noble Financial set a $17.00 price target on Gannett and gave the stock a “buy” rating in a report on Friday, August 10th. TheStreet upgraded Gannett from a “c” rating to a “b-” rating in a report on Friday, June 22nd. Zacks Investment Research upgraded Gannett from a “sell” rating to a “hold” rating in a report on Thursday, May 10th. Finally, JPMorgan Chase & Co. downgraded Gannett from a “neutral” rating to an “underweight” rating and set a $10.00 price target on the stock. in a report on Friday, July 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $13.50.

About Gannett

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.

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