Gannett (NYSE:GCI) Issues Quarterly Earnings Results

Key Points

• Gannett reported quarterly earnings of $0.45 per share, significantly exceeding the consensus estimate of ($0.04) by $0.49.
• The company generated revenue of $584.86 million, falling short of analysts' expectations of $593.13 million.
• CEO Michael Reed purchased 27,000 shares of Gannett at an average price of $3.25, raising his ownership stake and signaling confidence in the company.

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

Gannett Trading Up 6.0%

Shares of NYSE GCI traded up $0.23 during trading hours on Friday, hitting $4.04. 2,571,792 shares of the company traded hands, compared to its average volume of 1,793,438. The stock has a market capitalization of $591.62 million, a price-to-earnings ratio of 11.88 and a beta of 2.62. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 3.89. The company's 50 day moving average price is $3.61 and its 200 day moving average price is $3.68. Gannett has a 12 month low of $2.55 and a 12 month high of $5.93.

Insider Buying and Selling at Gannett

In other Gannett news, CEO Michael Reed acquired 27,000 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was bought at an average price of $3.25 per share, for a total transaction of $87,750.00. Following the acquisition, the chief executive officer directly owned 3,134,722 shares in the company, valued at $10,187,846.50. The trade was a 0.87% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Gannett

Hedge funds have recently bought and sold shares of the business. Strs Ohio bought a new position in Gannett in the 1st quarter valued at $187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Gannett by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,362 shares of the company's stock worth $244,000 after buying an additional 3,588 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Gannett by 47.6% during the 1st quarter. AQR Capital Management LLC now owns 566,994 shares of the company's stock worth $1,639,000 after buying an additional 182,824 shares in the last quarter. Finally, Empowered Funds LLC grew its position in shares of Gannett by 2.0% during the 1st quarter. Empowered Funds LLC now owns 951,925 shares of the company's stock worth $2,751,000 after buying an additional 18,933 shares in the last quarter. Institutional investors own 76.71% of the company's stock.

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.

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