California Public Employees Retirement System Grows Holdings in Gannett Co Inc (GCI)
California Public Employees Retirement System raised its position in Gannett Co Inc (NYSE:GCI) by 6.4% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 671,729 shares of the company’s stock after acquiring an additional 40,679 shares during the period. California Public Employees Retirement System owned about 0.60% of Gannett worth $6,046,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GCI. Bank of Montreal Can lifted its stake in Gannett by 0.7% in the 2nd quarter. Bank of Montreal Can now owns 12,571 shares of the company’s stock valued at $110,000 after acquiring an additional 89 shares in the last quarter. Stifel Financial Corp bought a new stake in shares of Gannett during the 2nd quarter worth approximately $113,000. Koch Industries Inc. bought a new stake in shares of Gannett during the 2nd quarter worth approximately $127,000. BB&T Securities LLC bought a new stake in shares of Gannett during the 2nd quarter worth approximately $129,000. Finally, National Asset Management Inc. raised its stake in shares of Gannett by 1.9% during the 2nd quarter. National Asset Management Inc. now owns 19,029 shares of the company’s stock worth $167,000 after purchasing an additional 356 shares in the last quarter. Hedge funds and other institutional investors own 84.66% of the company’s stock.
Separately, Zacks Investment Research upgraded Gannett from a “sell” rating to a “hold” rating in a research note on Tuesday, November 7th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy”.
Gannett (NYSE:GCI) last issued its quarterly earnings data on Thursday, November 2nd. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. Gannett had a return on equity of 13.25% and a net margin of 1.43%. The firm had revenue of $744.30 million for the quarter, compared to analyst estimates of $762.97 million. During the same period in the prior year, the firm posted ($0.21) EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. analysts anticipate that Gannett Co Inc will post 0.94 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 26th. Stockholders of record on Tuesday, December 12th were given a dividend of $0.16 per share. The ex-dividend date was Monday, December 11th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 5.60%. Gannett’s payout ratio is 139.13%.
In other news, insider John M. Zidich sold 17,954 shares of the company’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $10.71, for a total transaction of $192,287.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 20,579 shares of company stock valued at $222,035. Corporate insiders own 0.74% of the company’s stock.
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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