Gannett (NYSE:GCI) Shares Up 6.5% - Here's What Happened

Gannett Co., Inc. (NYSE:GCI - Get Free Report)'s share price traded up 6.5% on Wednesday . The stock traded as high as $3.75 and last traded at $3.72. 223,034 shares traded hands during trading, a decline of 85% from the average session volume of 1,513,754 shares. The stock had previously closed at $3.49.

Gannett Price Performance

The stock has a fifty day moving average of $3.31 and a two-hundred day moving average of $4.11. The stock has a market capitalization of $524.83 million, a price-to-earnings ratio of -6.64 and a beta of 2.63. The company has a current ratio of 0.78, a quick ratio of 0.74 and a debt-to-equity ratio of 6.59.

Gannett (NYSE:GCI - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The company had revenue of $571.57 million for the quarter, compared to analyst estimates of $592.97 million. Gannett had a positive return on equity of 11.40% and a negative net margin of 1.05%.

Insider Transactions at Gannett

In other news, CEO Michael Reed bought 27,000 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were acquired 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 now owns 3,134,722 shares in the company, valued at approximately $10,187,846.50. This represents a 0.87% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Gannett

A number of institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of Gannett during the 4th quarter worth approximately $108,000. Caprock Group LLC lifted its holdings in Gannett by 55.6% during the 4th quarter. Caprock Group LLC now owns 35,769 shares of the company's stock worth $181,000 after purchasing an additional 12,788 shares during the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Gannett by 30.1% during the fourth quarter. Bleakley Financial Group LLC now owns 22,368 shares of the company's stock worth $113,000 after buying an additional 5,170 shares in the last quarter. Empowered Funds LLC raised its stake in Gannett by 5.1% in the 4th quarter. Empowered Funds LLC now owns 932,992 shares of the company's stock worth $4,721,000 after purchasing an additional 45,546 shares in the last quarter. Finally, Cambiar Investors LLC boosted its stake in shares of Gannett by 27.2% in the fourth quarter. Cambiar Investors LLC now owns 13,558 shares of the company's stock valued at $69,000 after buying an additional 2,898 shares during the period. 76.71% of the stock is owned by institutional investors.

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.