California State Teachers Retirement System Cuts Holdings in General Communication, Inc. (GNCMA)
California State Teachers Retirement System cut its holdings in shares of General Communication, Inc. (NASDAQ:GNCMA) by 9.6% during the third quarter, HoldingsChannel.com reports. The firm owned 42,628 shares of the utilities provider’s stock after selling 4,533 shares during the quarter. California State Teachers Retirement System’s holdings in General Communication were worth $1,739,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in GNCMA. Farallon Capital Management LLC acquired a new position in General Communication during the 2nd quarter valued at about $23,412,000. Ratan Capital Management LP acquired a new stake in shares of General Communication in the 2nd quarter valued at approximately $12,213,000. CNH Partners LLC acquired a new stake in shares of General Communication in the 2nd quarter valued at approximately $9,671,000. Tocqueville Asset Management L.P. acquired a new stake in shares of General Communication in the 3rd quarter valued at approximately $8,799,000. Finally, Goldman Sachs Group Inc. raised its position in shares of General Communication by 156.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 310,950 shares of the utilities provider’s stock valued at $11,393,000 after acquiring an additional 189,494 shares during the period. Institutional investors own 64.11% of the company’s stock.
Shares of General Communication, Inc. (NASDAQ:GNCMA) opened at $42.31 on Friday. The firm has a market cap of $1,530.00, a P/E ratio of -16.46 and a beta of 0.58. The company has a debt-to-equity ratio of -511.65, a current ratio of 1.24 and a quick ratio of 1.19. General Communication, Inc. has a 52-week low of $17.50 and a 52-week high of $43.63.
GNCMA has been the topic of a number of analyst reports. BidaskClub downgraded shares of General Communication from a “buy” rating to a “hold” rating in a research report on Thursday, December 7th. Drexel Hamilton upgraded shares of General Communication from a “sell” rating to a “hold” rating in a research report on Thursday, November 2nd.
In other General Communication news, EVP G Wilson Hughes sold 3,630 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $42.16, for a total transaction of $153,040.80. Following the sale, the executive vice president now directly owns 654,925 shares in the company, valued at approximately $27,611,638. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gregory F. Chapados sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $39.72, for a total transaction of $1,191,600.00. Following the sale, the insider now owns 497,375 shares in the company, valued at $19,755,735. The disclosure for this sale can be found here. Insiders have sold a total of 56,130 shares of company stock worth $2,267,859 over the last 90 days. Corporate insiders own 15.28% of the company’s stock.
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General Communication Profile
General Communication, Inc is a holding company. The Company, together with its subsidiaries, is a communications provider with operations primarily in the State of Alaska. The Company provides a range of wireless, data, video, voice and managed services to residential customers, businesses, governmental entities, and educational and medical institutions primarily in Alaska under its GCI brand.
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