Sun Life Financial INC Takes $215,000 Position in Gannett Co Inc (GCI)

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 (NYSE:GCI) last released its earnings results on Thursday, August 9th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.10. Gannett had a net margin of 0.83% and a return on equity of 13.14%. The firm had revenue of $730.77 million during the quarter, compared to analyst estimates of $739.17 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. equities research analysts predict that Gannett Co Inc will post 1.07 earnings per share for the current fiscal year.

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 Profile

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.

Recommended Story: Book Value Per Share – BVPS

Want to see what other hedge funds are holding GCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gannett Co Inc (NYSE:GCI).

Institutional Ownership by Quarter for Gannett (NYSE:GCI)

Receive News & Ratings for Gannett Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gannett and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply