Brokers Issue Forecasts for Gannett Co.’s FY2018 Earnings (GCI)
Gannett Co. (NYSE:GCI) – Investment analysts at Jefferies Group dropped their FY2018 earnings per share estimates for shares of Gannett in a research note issued to investors on Monday. Jefferies Group analyst J. Janedis now forecasts that the firm will post earnings of $1.37 per share for the year, down from their previous forecast of $1.40. Jefferies Group currently has a “Hold” rating on the stock.
A number of other brokerages have also recently weighed in on GCI. Zacks Investment Research upgraded shares of Gannett from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Thursday, July 21st. Noble Financial restated a “buy” rating and issued a $23.00 price objective on shares of Gannett in a report on Wednesday, June 29th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $17.80.
Gannett (NYSE:GCI) traded down 0.46% during midday trading on Wednesday, hitting $10.78. 1,054,905 shares of the company were exchanged. The stock has a 50 day moving average of $11.65 and a 200-day moving average of $13.86. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 12.35 and a beta of 0.03. Gannett has a 1-year low of $10.62 and a 1-year high of $17.91.
Gannett (NYSE:GCI) last posted 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 company earned $748.80 million during 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 company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the firm posted $0.46 EPS.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Monday, December 5th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date is Thursday, December 1st. Gannett’s payout ratio is 74.42%.
Several large investors have recently bought and sold shares of GCI. BlackRock Fund Advisors boosted its stake in 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 during the last quarter. Dimensional Fund Advisors LP boosted its stake in Gannett by 46.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,201,042 shares of the company’s stock worth $58,015,000 after buying an additional 1,341,108 shares during the last quarter. AQR Capital Management LLC boosted its stake in 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 during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Gannett during the second quarter worth approximately $14,820,000. Finally, SkyBridge Capital II LLC purchased a new stake in Gannett during the second quarter worth approximately $11,281,000. Hedge funds and other 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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