Contrarius Investment Management Ltd Purchases Shares of 407,971 Gannett Co., Inc. (GCI)
Contrarius Investment Management Ltd purchased a new position in Gannett Co., Inc. (NYSE:GCI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 407,971 shares of the company’s stock, valued at approximately $3,558,000. Contrarius Investment Management Ltd owned approximately 0.36% of Gannett Co. as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. First Manhattan Co. increased its position in Gannett Co. by 87.7% in the first quarter. First Manhattan Co. now owns 11,162 shares of the company’s stock worth $129,000 after buying an additional 5,216 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in Gannett Co. during the first quarter worth $105,000. TCI Wealth Advisors Inc. boosted its stake in Gannett Co. by 130.2% in the first quarter. TCI Wealth Advisors Inc. now owns 12,566 shares of the company’s stock worth $105,000 after buying an additional 7,108 shares during the period. Bank of Montreal Can boosted its stake in Gannett Co. by 0.7% in the second quarter. Bank of Montreal Can now owns 12,571 shares of the company’s stock worth $110,000 after buying an additional 89 shares during the period. Finally, BB&T Securities LLC purchased a new stake in Gannett Co. during the second quarter worth $129,000. Institutional investors own 81.63% of the company’s stock.
Gannett Co., Inc. (NYSE GCI) traded up 0.6465% during trading on Tuesday, reaching $8.6556. 90,328 shares of the company’s stock traded hands. The firm’s 50 day moving average is $8.62 and its 200-day moving average is $8.41. Gannett Co., Inc. has a 12 month low of $7.30 and a 12 month high of $12.39. The company’s market capitalization is $984.10 million.
Gannett Co. (NYSE:GCI) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.01. Gannett Co. had a negative net margin of 0.07% and a positive return on equity of 11.30%. The firm had revenue of $774.50 million for the quarter, compared to analyst estimates of $783.06 million. During the same period in the previous year, the business posted $0.30 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts expect that Gannett Co., Inc. will post $0.98 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 18th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 7.44%. The ex-dividend date is Wednesday, August 30th. Gannett Co.’s payout ratio is -3,200.00%.
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A number of analysts recently weighed in on the stock. BidaskClub raised shares of Gannett Co. from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. TheStreet raised shares of Gannett Co. from a “d” rating to a “c-” rating in a report on Friday, June 23rd. Zacks Investment Research raised shares of Gannett Co. from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. ValuEngine cut shares of Gannett Co. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Noble Financial reaffirmed a “buy” rating on shares of Gannett Co. in a report on Sunday, May 14th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $16.00.
About Gannett Co.
Gannett Co, Inc is a media company. The Company operates as a newspaper publisher in the United States. As of December 25, 2016, it owned ReachLocal, Inc (ReachLocal), a digital marketing solutions company; the USA TODAY NETWORK (made up of USA TODAY including digital sites and affiliates (USAT) and 109 local media organizations in 34 states in the United States and Guam), and Newsquest Media Group Ltd.
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