Renaissance Technologies LLC reduced its stake in Gannett Co Inc (NYSE:GCI) by 30.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 131,900 shares of the company’s stock after selling 58,000 shares during the period. Renaissance Technologies LLC owned 0.12% of Gannett worth $1,411,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Xact Kapitalforvaltning AB boosted its position in shares of Gannett by 32.9% during the first quarter. Xact Kapitalforvaltning AB now owns 17,776 shares of the company’s stock worth $177,000 after buying an additional 4,400 shares during the period. Sei Investments Co. boosted its position in shares of Gannett by 16.3% during the second quarter. Sei Investments Co. now owns 38,186 shares of the company’s stock worth $409,000 after buying an additional 5,343 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Gannett by 64.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 17,337 shares of the company’s stock worth $186,000 after purchasing an additional 6,790 shares in the last quarter. Bowling Portfolio Management LLC raised its holdings in Gannett by 5.5% during the second quarter. Bowling Portfolio Management LLC now owns 134,126 shares of the company’s stock worth $1,435,000 after purchasing an additional 7,001 shares in the last quarter. Finally, WBI Investments Inc. raised its holdings in Gannett by 46.4% during the second quarter. WBI Investments Inc. now owns 25,633 shares of the company’s stock worth $274,000 after purchasing an additional 8,130 shares in the last quarter. Institutional investors own 98.32% of the company’s stock.
Several research firms have issued reports on GCI. ValuEngine cut Gannett from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. Zacks Investment Research upgraded shares of Gannett from a “sell” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. cut shares of 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. Finally, Noble Financial set a $15.00 price target on shares of Gannett and gave the company a “buy” rating in a report on Friday, July 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Gannett has a consensus rating of “Hold” and an average target price of $12.50.
Gannett stock opened at $9.84 on Wednesday. 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. The firm has a market cap of $1.04 billion, a PE ratio of 9.55 and a beta of 0.91.
Gannett (NYSE:GCI) last issued its quarterly earnings data on Thursday, August 9th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.10. The firm had revenue of $730.77 million during the quarter, compared to analysts’ expectations of $739.17 million. Gannett had a net margin of 0.83% and a return on equity of 13.14%. Gannett’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. As a group, equities analysts expect that Gannett Co Inc will post 1.09 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 24th. Investors of record on Monday, December 10th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 6.50%. The ex-dividend date is Friday, December 7th. Gannett’s dividend payout ratio is presently 62.14%.
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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