Gannett Co. Plans Quarterly Dividend of $0.16 (GCI)
Gannett Co. (NYSE:GCI) declared a quarterly dividend on Wednesday, October 12th. Shareholders of record on Monday, December 5th will be paid a dividend of 0.16 per share on Monday, December 19th. This represents a $0.64 dividend on an annualized basis and a yield of 5.79%.
Shares of Gannett (NYSE:GCI) traded down 0.72% during trading on Wednesday, reaching $11.06. The company’s stock had a trading volume of 678,954 shares. The company’s 50-day moving average is $11.71 and its 200-day moving average is $13.90. The company has a market capitalization of $1.29 billion, a P/E ratio of 12.67 and a beta of 0.03. Gannett has a 12 month low of $11.03 and a 12 month high of $17.91.
Gannett (NYSE:GCI) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by $0.01. The business had revenue of $748.80 million for the quarter, compared to the consensus estimate of $794.77 million. Gannett had a return on equity of 17.02% and a net margin of 3.62%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 EPS. On average, analysts forecast that Gannett will post $1.19 EPS for the current fiscal year.
A number of research analysts have commented on the stock. Zacks Investment Research upgraded shares of Gannett from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Thursday, July 21st. Jefferies Group restated a “hold” rating and set a $15.00 price target (down previously from $17.00) on shares of Gannett in a research note on Monday, July 11th. Finally, Noble Financial restated a “buy” rating and set a $23.00 price target on shares of Gannett in a research note on Wednesday, June 29th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $17.80.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital International Investors boosted its position in Gannett by 0.6% in the second quarter. Capital International Investors now owns 8,772,340 shares of the company’s stock worth $121,146,000 after buying an additional 53,100 shares during the period. BlackRock Fund Advisors raised its stake in shares of Gannett by 36.4% in the second quarter. BlackRock Fund Advisors now owns 7,717,925 shares of the company’s stock worth $106,585,000 after buying an additional 2,060,031 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Gannett by 2.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,837,363 shares of the company’s stock worth $39,184,000 after buying an additional 69,855 shares in the last quarter. State Street Corp raised its stake in shares of Gannett by 36.5% in the second quarter. State Street Corp now owns 2,522,979 shares of the company’s stock worth $34,836,000 after buying an additional 674,216 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Gannett by 232.0% in the second quarter. AQR Capital Management LLC now owns 1,743,062 shares of the company’s stock worth $24,072,000 after buying an additional 1,217,975 shares in the last quarter. Institutional investors own 91.75% of the company’s stock.
Gannett Co, Inc is an international, multi-platform news and information company. The Company is a local content provider in the United States, operating in over 30 states and Guam. Its operations comprise approximately 110 daily publications and digital platforms in the United States and the United Kingdom, over 400 non-daily publications in the United States, and approximately 150 such titles in the United Kingdom.
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