Gannett Co. (GCI) Sees Strong Trading Volume
Shares of Gannett Co. (NYSE:GCI) saw an uptick in trading volume on Wednesday . 5,323,673 shares were traded during trading, an increase of 133% from the previous session’s volume of 2,281,215 shares.The stock last traded at $13.67 and had previously closed at $13.34.
A number of brokerages recently commented on GCI. Noble Financial restated a “buy” rating and set a $23.00 price objective on shares of Gannett in a research note on Wednesday, June 29th. Zacks Investment Research raised Gannett from a “hold” rating to a “strong-buy” rating and set a $15.00 price target for the company in a research note on Tuesday, June 28th. Finally, Jefferies Group reissued a “hold” rating and issued a $17.00 price target on shares of Gannett in a research note on Wednesday, June 29th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $18.00.
The stock has a 50-day moving average of $15.01 and a 200-day moving average of $15.32. The firm has a market capitalization of $1.59 billion and a P/E ratio of 11.21.
Gannett (NYSE:GCI) last announced its quarterly earnings data on Wednesday, April 27th. The company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.15. The firm earned $659.40 million during the quarter, compared to the consensus estimate of $672.07 million. During the same quarter in the prior year, the business posted $0.49 EPS. Gannett’s revenue was down 55.2% compared to the same quarter last year. Equities analysts expect that Gannett Co. will post $1.49 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 20th. Shareholders of record on Monday, June 6th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, June 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.68%.
Other hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of Gannett by 47.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,772,053 shares of the company’s stock worth $28,867,000 after buying an additional 567,980 shares in the last quarter. Matarin Capital Management LLC purchased a new stake in shares of Gannett during the fourth quarter worth approximately $2,814,000. Globeflex Capital L P purchased a new stake in shares of Gannett during the fourth quarter worth approximately $1,361,000. Principal Financial Group Inc. increased its stake in shares of Gannett by 4.6% in the fourth quarter. Principal Financial Group Inc. now owns 780,865 shares of the company’s stock worth $12,720,000 after buying an additional 34,086 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Gannett by 31.6% in the fourth quarter. Wells Fargo & Company MN now owns 76,050 shares of the company’s stock worth $1,239,000 after buying an additional 18,245 shares in the last quarter.
Gannett Co, Inc, formerly Gannett Spinco, Inc, is a media and marketing solutions company. The Company is engaged in providing local content on a range of platforms in the United States. The Company operates through Broadcasting and Digital segments. It also provides digital marketing services and Internet-based human resource solutions.
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