First Mercantile Trust Co. Sells 1,370 Shares of Gannett Co. (GCI)
First Mercantile Trust Co. cut its stake in Gannett Co. (NYSE:GCI) by 15.1% during the second quarter, Holdings Channel reports. The fund owned 7,710 shares of the company’s stock after selling 1,370 shares during the period. First Mercantile Trust Co.’s holdings in Gannett were worth $106,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Parkwood LLC bought a new stake in Gannett during the second quarter valued at approximately $188,000. PineBridge Investments L.P. increased its stake in Gannett by 4.2% in the second quarter. PineBridge Investments L.P. now owns 14,777 shares of the company’s stock valued at $204,000 after buying an additional 593 shares during the period. Teacher Retirement System of Texas increased its stake in Gannett by 15.5% in the second quarter. Teacher Retirement System of Texas now owns 15,457 shares of the company’s stock valued at $213,000 after buying an additional 2,078 shares during the period. BlackRock Inc. increased its stake in Gannett by 232.0% in the first quarter. BlackRock Inc. now owns 16,468 shares of the company’s stock valued at $250,000 after buying an additional 11,508 shares during the period. Finally, KBC Group NV bought a new stake in Gannett during the second quarter valued at approximately $290,000. 91.75% of the stock is currently owned by institutional investors.
Gannett Co. (NYSE:GCI) opened at 11.61 on Friday. The stock’s 50 day moving average price is $11.76 and its 200-day moving average price is $13.97. Gannett Co. has a one year low of $11.25 and a one year high of $17.91. The company has a market capitalization of $1.35 billion, a P/E ratio of 13.30 and a beta of 0.03.
Gannett (NYSE:GCI) last issued its earnings results on Wednesday, July 27th. The company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.01. The firm had revenue of $748.80 million for the quarter, compared to the consensus estimate of $794.77 million. Gannett had a net margin of 3.62% and a return on equity of 17.02%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the firm earned $0.46 earnings per share. Equities analysts forecast that Gannett Co. will post $1.19 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 19th. Shareholders of record on Tuesday, September 6th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 5.51%. The ex-dividend date was Thursday, September 1st. Gannett’s dividend payout ratio (DPR) is presently 74.42%.
Several equities research analysts have commented on GCI shares. Noble Financial reissued a “buy” rating and issued a $23.00 target price on shares of Gannett in a report on Wednesday, June 29th. Zacks Investment Research raised Gannett from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Thursday, July 21st. Finally, Jefferies Group reissued a “hold” rating on shares of Gannett in a report on Monday, August 29th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Gannett presently has an average rating of “Hold” and an average target price of $17.80.
Gannett Co, Inc is an international, multi-platform news and information company. The Company is a local content provider in the United States, operating in over 30 states and Guam. Its operations comprise approximately 110 daily publications and digital platforms in the United States and the United Kingdom, over 400 non-daily publications in the United States, and approximately 150 such titles in the United Kingdom.
Want to see what other hedge funds are holding GCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gannett Co. (NYSE:GCI).
Receive News & Ratings for Gannett Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gannett Co. and related companies with MarketBeat.com's FREE daily email newsletter.