Gannett (NYSE:GCI) Stock Price Up 8.9% - Here's Why

Key Points

• Gannett (NYSE:GCI) experienced an 8.9% increase in stock price during mid-day trading, reaching a last traded value of $3.94.
• The company reported a loss of $0.09 EPS for the quarter, which was below analyst expectations of a loss of $0.02, along with revenue of $571.57 million, missing the $592.97 million forecast.
• Insider activity includes CEO Michael Reed purchasing 27,000 shares at an average price of $3.25, reflecting a 0.87% increase in his ownership stake.

Gannett Co., Inc. (NYSE:GCI - Get Free Report) rose 8.9% during trading on Wednesday . The company traded as high as $3.73 and last traded at $3.94. Approximately 1,097,831 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 1,533,501 shares. The stock had previously closed at $3.62.

Gannett Price Performance

The firm has a market capitalization of $591.62 million, a price-to-earnings ratio of 11.88 and a beta of 2.62. The stock's 50-day moving average price is $3.61 and its 200 day moving average price is $3.67. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 3.89.

Gannett (NYSE:GCI - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. 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 4.84% and a return on equity of 53.24%. The firm had revenue of $584.86 million during the quarter, compared to analysts' expectations of $593.13 million.

Insider Activity at Gannett

In other Gannett news, CEO Michael Reed acquired 27,000 shares of the stock in a transaction dated Monday, May 5th. The stock was acquired at an average price of $3.25 per share, with a total value of $87,750.00. Following the completion of the purchase, the chief executive officer owned 3,134,722 shares in the company, valued at $10,187,846.50. This trade represents a 0.87% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GCI. American Century Companies Inc. boosted its stake in shares of Gannett by 15.1% in the fourth quarter. American Century Companies Inc. now owns 301,927 shares of the company's stock valued at $1,528,000 after purchasing an additional 39,693 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Gannett in the fourth quarter worth approximately $118,000. Vanguard Group Inc. lifted its stake in Gannett by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 8,093,262 shares of the company's stock worth $40,952,000 after acquiring an additional 82,094 shares during the last quarter. Norges Bank purchased a new position in Gannett in the fourth quarter worth approximately $1,364,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Gannett by 16.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 247,001 shares of the company's stock worth $1,250,000 after acquiring an additional 35,730 shares during the last quarter. Hedge funds and other 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.