Alta Fundamental Advisers LLC Sells 1,980,790 Shares of 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 reduced its holdings in Gannett Co., Inc. (NYSE:GCI - Free Report) by 15.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,165,692 shares of the company's stock after selling 1,980,790 shares during the quarter. Gannett accounts for 20.4% of Alta Fundamental Advisers LLC's portfolio, making the stock its largest position. Alta Fundamental Advisers LLC owned about 7.62% of Gannett worth $32,269,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in Gannett in the 1st quarter valued at approximately $6,434,000. Aigen Investment Management LP raised its stake in shares of Gannett by 188.3% in the 1st quarter. Aigen Investment Management LP now owns 44,578 shares of the company's stock worth $129,000 after buying an additional 29,116 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Gannett by 56.9% in the first quarter. Deutsche Bank AG now owns 532,123 shares of the company's stock valued at $1,538,000 after buying an additional 192,998 shares during the period. Vanguard Group Inc. boosted its stake in Gannett by 1.1% during the first quarter. Vanguard Group Inc. now owns 8,184,594 shares of the company's stock valued at $23,653,000 after buying an additional 91,332 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Gannett during the first quarter valued at about $67,000. 76.71% of the stock is currently owned by institutional investors and hedge funds.

Gannett Price Performance

NYSE:GCI opened at $3.90 on Friday. The business's 50-day moving average price is $3.67 and its 200 day moving average price is $3.65. The firm has a market cap of $571.81 million, a P/E ratio of 11.47 and a beta of 2.62. Gannett Co., Inc. has a 52-week low of $2.55 and a 52-week high of $5.93. The company has a quick ratio of 0.70, a current ratio of 0.73 and a debt-to-equity ratio of 3.89.

Gannett (NYSE:GCI - Get Free Report) last released 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 analyst estimates of $593.13 million. Gannett had a return on equity of 53.24% and a net margin of 4.84%.

Gannett Profile

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.

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