Insider Buying: Gannett Co. (GCI) CFO Buys $49,984.00 in Stock
Gannett Co. (NYSE:GCI) CFO Alison K. Engel acquired 6,400 shares of the firm’s stock in a transaction dated Friday, November 4th. The stock was bought at an average cost of $7.81 per share, for a total transaction of $49,984.00. Following the purchase, the chief financial officer now directly owns 6,400 shares of the company’s stock, valued at $49,984. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Gannett Co. (NYSE:GCI) opened at 8.63 on Thursday. The firm’s 50-day moving average price is $10.28 and its 200 day moving average price is $13.00. Gannett Co. has a 12-month low of $7.30 and a 12-month high of $17.91. The stock has a market cap of $1.01 billion, a PE ratio of 25.92 and a beta of 0.38.
Gannett (NYSE:GCI) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by $0.11. The firm had revenue of $772.30 million for the quarter, compared to analysts’ expectations of $752.06 million. Gannett had a net margin of 1.36% and a return on equity of 13.08%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 EPS. Analysts anticipate that Gannett Co. will post $0.99 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Monday, December 5th will be paid a $0.16 dividend. The ex-dividend date is Thursday, December 1st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 7.42%. Gannett’s payout ratio is 200.01%.
Several hedge funds have recently modified their holdings of GCI. BNP Paribas Arbitrage SA increased its stake in shares of Gannett by 123.2% in the second quarter. BNP Paribas Arbitrage SA now owns 42,913 shares of the company’s stock worth $593,000 after buying an additional 23,687 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Gannett by 3.3% in the first quarter. BlackRock Group LTD now owns 144,345 shares of the company’s stock worth $2,185,000 after buying an additional 4,588 shares during the last quarter. BlackRock Inc. increased its stake in shares of Gannett by 232.0% in the first quarter. BlackRock Inc. now owns 16,468 shares of the company’s stock worth $250,000 after buying an additional 11,508 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Gannett by 22.0% in the first quarter. JPMorgan Chase & Co. now owns 388,209 shares of the company’s stock worth $5,877,000 after buying an additional 70,106 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Gannett by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 51,650 shares of the company’s stock worth $713,000 after buying an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 88.87% of the company’s stock.
Several brokerages recently issued reports on GCI. Zacks Investment Research raised Gannett from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Thursday, July 21st. Jefferies Group decreased their target price on Gannett from $15.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, July 28th. Finally, Noble Financial decreased their target price on Gannett from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, November 2nd.
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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