Pinebridge Investments L.P. trimmed its holdings in shares of Gannett Co Inc (NYSE:GCI) by 7.7% in the second quarter, HoldingsChannel.com reports. The fund owned 186,150 shares of the company’s stock after selling 15,476 shares during the quarter. Pinebridge Investments L.P.’s holdings in Gannett were worth $1,991,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Xact Kapitalforvaltning AB lifted its holdings in shares of Gannett by 32.9% during the 1st quarter. Xact Kapitalforvaltning AB now owns 17,776 shares of the company’s stock worth $177,000 after acquiring an additional 4,400 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Gannett by 7.4% during the 1st quarter. Thrivent Financial for Lutherans now owns 75,965 shares of the company’s stock worth $758,000 after acquiring an additional 5,241 shares during the period. Sei Investments Co. lifted its holdings in shares of Gannett by 16.3% during the 2nd quarter. Sei Investments Co. now owns 38,186 shares of the company’s stock worth $409,000 after acquiring an additional 5,343 shares during the period. Swiss National Bank lifted its holdings in shares of Gannett by 3.1% during the 1st quarter. Swiss National Bank now owns 187,808 shares of the company’s stock worth $1,874,000 after acquiring an additional 5,600 shares during the period. Finally, Bowling Portfolio Management LLC lifted its holdings in shares of Gannett by 5.5% during the 2nd quarter. Bowling Portfolio Management LLC now owns 134,126 shares of the company’s stock worth $1,435,000 after acquiring an additional 7,001 shares during the period. 97.52% of the stock is owned by institutional investors.
Shares of GCI stock opened at $10.61 on Thursday. Gannett Co Inc has a 12-month low of $7.94 and a 12-month high of $12.38. The stock has a market cap of $1.21 billion, a P/E ratio of 9.33 and a beta of 0.95. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.30.
Gannett (NYSE:GCI) last announced its quarterly earnings results on Thursday, August 9th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.10. Gannett had a net margin of 0.83% and a return on equity of 13.14%. The firm had revenue of $730.77 million during the quarter, compared to the consensus estimate of $739.17 million. During the same period last year, the firm posted $0.18 EPS. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. equities research analysts expect that Gannett Co Inc will post 1.07 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 24th. Investors of record on Monday, September 10th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 6.03%. The ex-dividend date is Friday, September 7th. Gannett’s dividend payout ratio is currently 62.14%.
Gannett announced that its board has authorized a stock repurchase plan on Tuesday, May 8th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of research firms have recently commented on GCI. ValuEngine downgraded shares of Gannett from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Noble Financial set a $15.00 price objective on shares of Gannett and gave the stock a “buy” rating in a report on Friday, July 13th. Zacks Investment Research downgraded shares of Gannett from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. JPMorgan Chase & Co. downgraded shares of Gannett from a “neutral” rating to an “underweight” rating and set a $10.00 price target for the company. in a report on Friday, July 6th. Finally, TheStreet raised shares of Gannett from a “c” rating to a “b-” rating in a report on Friday, June 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $12.50.
In related news, insider Andrew T. Yost sold 5,175 shares of Gannett stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $10.39, for a total transaction of $53,768.25. Following the completion of the transaction, the insider now directly owns 7,034 shares of the company’s stock, valued at approximately $73,083.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Andrew T. Yost sold 3,500 shares of Gannett stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $10.31, for a total transaction of $36,085.00. Following the transaction, the chief marketing officer now directly owns 3,534 shares of the company’s stock, valued at $36,435.54. The disclosure for this sale can be found here. Insiders have sold a total of 9,012 shares of company stock valued at $93,318 over the last three months. 0.74% of the stock is currently 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.
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