New York State Teachers Retirement System Increases Position in Gannett Co Inc (GCI)
New York State Teachers Retirement System lifted its position in shares of Gannett Co Inc (NYSE:GCI) by 4.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 263,554 shares of the company’s stock after buying an additional 10,800 shares during the period. New York State Teachers Retirement System owned about 0.23% of Gannett worth $2,820,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Koch Industries Inc. increased its stake in Gannett by 169.5% in the 1st quarter. Koch Industries Inc. now owns 44,483 shares of the company’s stock worth $444,000 after purchasing an additional 27,975 shares during the period. Great West Life Assurance Co. Can increased its stake in Gannett by 9.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 155,828 shares of the company’s stock worth $1,555,000 after purchasing an additional 13,253 shares during the period. Piermont Capital Management Inc. purchased a new position in Gannett in the 1st quarter worth approximately $1,527,000. Massachusetts Financial Services Co. MA increased its stake in Gannett by 23.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 119,778 shares of the company’s stock worth $1,195,000 after purchasing an additional 22,968 shares during the period. Finally, Heartland Advisors Inc. increased its stake in Gannett by 30.8% in the 1st quarter. Heartland Advisors Inc. now owns 939,055 shares of the company’s stock worth $9,372,000 after purchasing an additional 221,100 shares during the period. 92.93% of the stock is currently owned by institutional investors.
A number of equities analysts have commented on GCI shares. Noble Financial set a $15.00 price target on Gannett and gave the stock a “buy” rating in a research note on Friday, July 13th. ValuEngine cut Gannett from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 2nd. JPMorgan Chase & Co. cut Gannett from a “neutral” rating to an “underweight” rating and set a $10.00 price target on the stock. in a research note on Friday, July 6th. Finally, Zacks Investment Research cut Gannett from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Gannett currently has a consensus rating of “Hold” and a consensus target price of $13.50.
Shares of Gannett stock opened at $10.26 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of 9.95 and a beta of 0.95. Gannett Co Inc has a one year low of $7.94 and a one year high of $12.38.
Gannett (NYSE:GCI) last announced its quarterly earnings results on Thursday, August 9th. The company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.10. The business had revenue of $730.77 million for the quarter, compared to analysts’ expectations of $739.17 million. Gannett had a return on equity of 13.14% and a net margin of 0.83%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. equities analysts expect that Gannett Co Inc will post 1.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 24th. Stockholders of record on Monday, September 10th will be given a $0.16 dividend. The ex-dividend date of this dividend is Friday, September 7th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 6.24%. Gannett’s dividend payout ratio is currently 62.14%.
Gannett announced that its Board of Directors has authorized a share buyback program on Tuesday, May 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
Gannett Company Profile
Gannett Co, Inc operates as a media and marketing solutions company. The company operates through Publishing and ReachLocal segments. The company offers print and digital daily and non-daily publications under the USA TODAY NETWORK brand name in the United States; and Newsquest, which has print and online publications portfolio of approximately 170 news brands and 80 magazines in the United Kingdom.
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