Ajo LP Increases Stake in Gannett Co., Inc. (GCI)
Ajo LP grew its position in Gannett Co., Inc. (NYSE:GCI) by 12.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 625,243 shares of the company’s stock after acquiring an additional 68,879 shares during the period. Ajo LP owned 0.55% of Gannett Co. worth $5,452,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. OppenheimerFunds Inc. increased its holdings in Gannett Co. by 52.7% in the first quarter. OppenheimerFunds Inc. now owns 280,057 shares of the company’s stock valued at $2,346,000 after purchasing an additional 96,623 shares during the period. Quantbot Technologies LP increased its holdings in Gannett Co. by 1,668.6% in the first quarter. Quantbot Technologies LP now owns 115,313 shares of the company’s stock valued at $966,000 after purchasing an additional 108,793 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its holdings in Gannett Co. by 3.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 427,782 shares of the company’s stock valued at $3,585,000 after purchasing an additional 15,840 shares during the period. Contrarius Investment Management Ltd acquired a new stake in Gannett Co. in the second quarter valued at $3,558,000. Finally, Credit Suisse AG increased its holdings in Gannett Co. by 220.8% in the first quarter. Credit Suisse AG now owns 849,350 shares of the company’s stock valued at $7,118,000 after purchasing an additional 584,591 shares during the period. Institutional investors own 81.63% of the company’s stock.
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Shares of Gannett Co., Inc. (GCI) opened at 8.41 on Friday. The firm’s market capitalization is $956.17 million. Gannett Co., Inc. has a 12-month low of $7.30 and a 12-month high of $12.39. The company has a 50-day moving average price of $8.37 and a 200-day moving average price of $8.44.
Gannett Co. (NYSE:GCI) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $774.50 million during the quarter, compared to the consensus estimate of $783.06 million. Gannett Co. had a positive return on equity of 11.30% and a negative net margin of 0.07%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.30 earnings per share. Equities analysts predict that Gannett Co., Inc. will post $0.98 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 18th. Shareholders of record on Friday, September 1st will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 7.61%. The ex-dividend date is Wednesday, August 30th. Gannett Co.’s dividend payout ratio is presently -3,200.00%.
GCI has been the subject of a number of recent research reports. BidaskClub downgraded Gannett Co. from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. ValuEngine upgraded Gannett Co. from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Zacks Investment Research upgraded Gannett Co. from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, TheStreet upgraded Gannett Co. from a “d” rating to a “c-” rating in a report on Friday, June 23rd. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price 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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