Sun Life Financial INC purchased a new stake in Gannett Co Inc (NYSE:GCI) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,065 shares of the company’s stock, valued at approximately $215,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in Gannett in the first quarter valued at $105,000. Suntrust Banks Inc. acquired a new stake in Gannett in the first quarter valued at $117,000. Trexquant Investment LP acquired a new stake in Gannett in the second quarter valued at $166,000. Xact Kapitalforvaltning AB raised its holdings in Gannett by 32.9% in the first quarter. Xact Kapitalforvaltning AB now owns 17,776 shares of the company’s stock valued at $177,000 after acquiring an additional 4,400 shares in the last quarter. Finally, Cambria Investment Management L.P. acquired a new stake in Gannett in the first quarter valued at $224,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.
GCI stock opened at $10.75 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.22 and a quick ratio of 1.22. Gannett Co Inc has a 1-year low of $7.94 and a 1-year high of $12.38. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 10.44 and a beta of 0.95.
Gannett announced that its board has authorized a stock repurchase plan on Tuesday, May 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 24th. Shareholders of record on Monday, September 10th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, September 7th. This represents a $0.64 annualized dividend and a yield of 5.95%. Gannett’s payout ratio is 62.14%.
In other Gannett news, CMO Andrew T. Yost sold 3,500 shares of the business’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $10.31, for a total transaction of $36,085.00. Following the completion of the sale, the chief marketing officer now owns 3,534 shares in the company, valued at $36,435.54. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew T. Yost sold 5,175 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $10.39, for a total transaction of $53,768.25. Following the sale, the insider now owns 7,034 shares of the company’s stock, valued at approximately $73,083.26. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,012 shares of company stock valued at $93,318. 1.06% of the stock is owned by insiders.
GCI has been the topic of several recent analyst reports. ValuEngine cut shares of Gannett from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. Noble Financial set a $15.00 price target on shares of Gannett and gave the company a “buy” rating in a report on Friday, July 13th. JPMorgan Chase & Co. cut shares of Gannett from a “neutral” rating to an “underweight” rating and set a $10.00 price target on the stock. in a report on Friday, July 6th. Finally, Zacks Investment Research cut shares of Gannett from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Gannett has an average rating of “Hold” and an average target price of $13.50.
Gannett Co, Inc operates as a media and marketing solutions company. The company operates through Publishing and ReachLocal segments. The company offers print and digital daily and non-daily publications under the USA TODAY NETWORK brand name in the United States; and Newsquest, which has print and online publications portfolio of approximately 170 news brands and 80 magazines in the United Kingdom.
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