Municipal Employees Retirement System of Michigan Has $384,000 Stake in Gannett Co., Inc. (GCI)
Municipal Employees Retirement System of Michigan grew its stake in Gannett Co., Inc. (NYSE:GCI) by 60.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,620 shares of the company’s stock after purchasing an additional 15,980 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Gannett were worth $384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. lifted its holdings in Gannett by 1,094.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,372,602 shares of the company’s stock valued at $12,353,000 after acquiring an additional 1,257,690 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Gannett by 19.7% in the second quarter. Dimensional Fund Advisors LP now owns 6,109,673 shares of the company’s stock valued at $53,277,000 after acquiring an additional 1,005,908 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Gannett by 41.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,563,155 shares of the company’s stock valued at $13,631,000 after acquiring an additional 461,479 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Gannett by 4.3% in the second quarter. Vanguard Group Inc. now owns 10,732,518 shares of the company’s stock valued at $93,588,000 after acquiring an additional 439,304 shares during the last quarter. Finally, Contrarius Investment Management Ltd acquired a new position in Gannett in the second quarter valued at approximately $3,558,000. Institutional investors and hedge funds own 84.77% of the company’s stock.
Gannett Co., Inc. (GCI) opened at $11.32 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.09 and a quick ratio of 1.09. Gannett Co., Inc. has a twelve month low of $7.36 and a twelve month high of $12.38. The company has a market capitalization of $1,270.00 and a P/E ratio of 11.57.
Gannett (NYSE:GCI) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.16 EPS for the quarter, topping 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 company had revenue of $744.30 million for the quarter, compared to analysts’ expectations of $762.97 million. During the same period in the prior year, the firm earned ($0.21) earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. equities analysts anticipate that Gannett Co., Inc. will post 0.9 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 26th. Shareholders of record on Tuesday, December 12th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date is Monday, December 11th. Gannett’s dividend payout ratio (DPR) is 139.13%.
In other Gannett 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 legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 20,579 shares of company stock worth $222,035 over the last 90 days. 0.74% of the stock is owned by insiders.
A number of research analysts recently commented on the company. Zacks Investment Research upgraded Gannett from a “sell” rating to a “hold” rating in a report on Tuesday, November 7th. ValuEngine upgraded Gannett from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Gannett presently has a consensus rating of “Buy”.
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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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