Alta Fundamental Advisers LLC Reduces Position in Gannett Co., Inc. (NYSE:GCI)

Key Points

• Alta Fundamental Advisers LLC reduced its holdings in Gannett Co., Inc. by 15.1%, selling 1,980,790 shares, and now holds 11,165,692 shares, making it the largest position in their portfolio.
• Gannett reported earnings of $0.45 per share, exceeding analysts' expectations of a loss, while its revenue for the quarter was $584.86 million.
• The company has a market cap of $571.81 million with stock prices fluctuating between a 52-week low of $2.55 and a high of $5.93.

Alta Fundamental Advisers LLC lowered its stake in Gannett Co., Inc. (NYSE:GCI - Free Report) by 15.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,165,692 shares of the company's stock after selling 1,980,790 shares during the quarter. Gannett makes up about 20.4% of Alta Fundamental Advisers LLC's holdings, making the stock its biggest position. Alta Fundamental Advisers LLC owned about 7.62% of Gannett worth $32,269,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in GCI. Vanguard Group Inc. raised its position in shares of Gannett by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 8,093,262 shares of the company's stock worth $40,952,000 after buying an additional 82,094 shares during the period. Norges Bank acquired a new stake in shares of Gannett during the fourth quarter valued at about $1,364,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Gannett by 16.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 247,001 shares of the company's stock valued at $1,250,000 after acquiring an additional 35,730 shares in the last quarter. Franklin Resources Inc. grew its stake in Gannett by 46.8% in the fourth quarter. Franklin Resources Inc. now owns 159,695 shares of the company's stock worth $808,000 after purchasing an additional 50,885 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in Gannett by 26.7% in the fourth quarter. Wells Fargo & Company MN now owns 86,713 shares of the company's stock worth $439,000 after purchasing an additional 18,290 shares in the last quarter. Hedge funds and other institutional investors own 76.71% of the company's stock.

Gannett Stock Down 2.2%

NYSE:GCI traded down $0.10 during mid-day trading on Thursday, reaching $4.24. The stock had a trading volume of 1,241,677 shares, compared to its average volume of 1,956,831. The company has a debt-to-equity ratio of 3.89, a current ratio of 0.73 and a quick ratio of 0.70. The stock's 50 day simple moving average is $3.72 and its two-hundred day simple moving average is $3.64. Gannett Co., Inc. has a 1-year low of $2.55 and a 1-year high of $5.93. The company has a market capitalization of $622.11 million, a price-to-earnings ratio of 12.48 and a beta of 2.62.

Gannett (NYSE:GCI - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.49. The firm had revenue of $584.86 million for the quarter, compared to analysts' expectations of $593.13 million. Gannett had a net margin of 4.84% and a return on equity of 53.24%.

About Gannett

Gannett Co, Inc operates as a media and marketing solutions company in the United States. It operates through three segments: Domestic Gannett Media, Newsquest, and Digital Marketing Solutions. The company's print offerings includes home delivery on a subscription basis; single copy; non-daily publications, such as shoppers and niche publications.