Gannett (NYSE:GCI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Gannett owns the publishing assets of the legacy Gannett company following its June 2015 split into two publicly traded companies – a broadcasting and digital company called TEGNA (Ticker: TGNA) and a publishing company called Gannett. The new Gannett owns the USA Today and a host of other media assets. “
Other research analysts have also recently issued research reports about the company. Noble Financial set a $17.00 price target on Gannett and gave the stock a “buy” rating in a research note on Friday, August 10th. ValuEngine upgraded Gannett from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Finally, JPMorgan Chase & Co. cut Gannett from a “neutral” rating to an “underweight” rating and set a $10.00 price target on the stock. in a research note on Friday, July 6th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $12.50.
Shares of NYSE GCI traded down $0.19 on Tuesday, hitting $9.79. The company had a trading volume of 1,156,700 shares, compared to its average volume of 1,120,555. Gannett has a 12-month low of $8.42 and a 12-month high of $12.38. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.22 and a quick ratio of 1.22. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 9.50 and a beta of 0.91.
Gannett (NYSE:GCI) last issued its 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 during the quarter, compared to the consensus estimate of $739.17 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. The company’s revenue was down 5.6% compared to the same quarter last year. Research analysts expect that Gannett will post 1.07 EPS for the current fiscal year.
In related news, CMO Andrew T. Yost sold 3,500 shares of the business’s 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 owns 3,534 shares in the company, valued at $36,435.54. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Andrew T. Yost sold 5,175 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $10.39, for a total value of $53,768.25. Following the completion of the transaction, the insider now 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 quarter, insiders sold 9,012 shares of company stock worth $93,318. Insiders own 1.06% of the company’s stock.
Several large investors have recently added to or reduced their stakes in GCI. Acadian Asset Management LLC acquired a new position in shares of Gannett in the second quarter worth about $17,775,000. Millennium Management LLC raised its stake in Gannett by 1,547.3% during the second quarter. Millennium Management LLC now owns 1,207,217 shares of the company’s stock valued at $12,917,000 after buying an additional 1,133,934 shares in the last quarter. BlackRock Inc. raised its stake in Gannett by 6.7% during the second quarter. BlackRock Inc. now owns 15,612,646 shares of the company’s stock valued at $167,055,000 after buying an additional 982,808 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Gannett by 9.9% during the second quarter. Dimensional Fund Advisors LP now owns 9,223,937 shares of the company’s stock valued at $98,696,000 after buying an additional 829,856 shares in the last quarter. Finally, LSV Asset Management raised its stake in Gannett by 12.4% during the second quarter. LSV Asset Management now owns 5,062,586 shares of the company’s stock valued at $54,169,000 after buying an additional 557,050 shares in the last quarter. Institutional investors and hedge funds own 98.27% of the company’s stock.
Gannett Company Profile
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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