Renaissance Technologies LLC Decreases Position in Gannett Co Inc (GCI)

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.

In related news, CMO Andrew T. Yost sold 3,500 shares of the company’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $10.31, for a total value of $36,085.00. Following the completion of the sale, the chief marketing officer now directly owns 3,534 shares in the company, valued at $36,435.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew T. Yost sold 5,175 shares of the company’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $10.39, for a total transaction of $53,768.25. Following the completion of the sale, the insider now owns 7,034 shares of the company’s stock, valued at $73,083.26. The disclosure for this sale can be found here. Insiders sold 9,012 shares of company stock valued at $93,318 over the last quarter. 1.06% of the stock is currently owned by corporate insiders.

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.

Read More: How is the discount rate different from the Federal Funds rate?

Want to see what other hedge funds are holding GCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gannett Co Inc (NYSE:GCI).

Institutional Ownership by Quarter for Gannett (NYSE:GCI)

Receive News & Ratings for Gannett Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gannett and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply