Gannett (NYSE:GCI) Shares Gap Up on Strong Earnings

Key Points

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Shares of Gannett Co., Inc. (NYSE:GCI - Get Free Report) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.65, but opened at $3.94. Gannett shares last traded at $3.82, with a volume of 867,132 shares changing hands.

The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.49. Gannett had a net margin of 2.09% and a return on equity of 24.41%.

Insider Buying and Selling at Gannett

In other Gannett news, CEO Michael Reed purchased 27,000 shares of the business's stock in a transaction dated Monday, May 5th. The stock was bought at an average cost of $3.25 per share, for a total transaction of $87,750.00. Following the completion of the acquisition, the chief executive officer directly owned 3,134,722 shares in the company, valued at $10,187,846.50. This represents a 0.87% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.20% of the stock is owned by company insiders.

Institutional Trading of Gannett

Several large investors have recently made changes to their positions in GCI. Nuveen LLC acquired a new stake in Gannett in the 1st quarter valued at approximately $6,434,000. SG Americas Securities LLC lifted its holdings in Gannett by 10,205.0% during the 1st quarter. SG Americas Securities LLC now owns 2,198,271 shares of the company's stock worth $6,353,000 after purchasing an additional 2,176,939 shares during the last quarter. Miller Value Partners LLC raised its holdings in Gannett by 74.8% in the 4th quarter. Miller Value Partners LLC now owns 2,396,625 shares of the company's stock valued at $12,127,000 after acquiring an additional 1,025,190 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Gannett by 68.5% in the 4th quarter. Nuveen Asset Management LLC now owns 2,431,937 shares of the company's stock valued at $12,306,000 after acquiring an additional 988,990 shares in the last quarter. Finally, Portolan Capital Management LLC acquired a new position in shares of Gannett during the 4th quarter worth $2,889,000. Institutional investors own 76.71% of the company's stock.

Gannett Price Performance

The company has a market cap of $556.75 million, a price-to-earnings ratio of 377.50 and a beta of 2.60. The company has a debt-to-equity ratio of 6.28, a quick ratio of 0.69 and a current ratio of 0.72. The business has a fifty day moving average price of $3.58 and a 200 day moving average price of $3.70.

Gannett Company 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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