Zacks Investment Research upgraded shares of Gannett (NYSE:GCI) from a hold rating to a strong-buy rating in a report released on Wednesday morning, Zacks.com reports. They currently have $12.00 target price on the stock.
According to Zacks, “Gannett owns the publishing assets of the legacy Gannett company following its June 2015 split into two publicly traded companies – a broadcasting and digital company called TEGNA (Ticker: TGNA) and a publishing company called Gannett. The new Gannett owns the USA Today and a host of other media assets. “
Several other brokerages also recently issued reports on GCI. ValuEngine upgraded Gannett from a hold rating to a buy rating in a research report on Tuesday. Noble Financial reiterated a market perform rating on shares of Gannett in a research report on Tuesday, August 6th.
Gannett (NYSE:GCI) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.09. Gannett had a return on equity of 9.69% and a net margin of 0.41%. The firm had revenue of $635.60 million during the quarter, compared to the consensus estimate of $670.56 million. During the same quarter in the previous year, the company posted $0.20 EPS. The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. On average, sell-side analysts forecast that Gannett will post 0.62 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Friday, November 1st will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 6.21%. Gannett’s payout ratio is currently 59.26%.
Hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its position in shares of Gannett by 226.3% during the third quarter. Meeder Asset Management Inc. now owns 9,512 shares of the company’s stock worth $103,000 after acquiring an additional 6,597 shares during the last quarter. Trilogy Capital Inc. bought a new stake in shares of Gannett during the third quarter worth $111,000. LPL Financial LLC bought a new stake in shares of Gannett during the second quarter worth $85,000. Arden Trust Co bought a new stake in shares of Gannett during the second quarter worth $114,000. Finally, Cubist Systematic Strategies LLC raised its position in shares of Gannett by 873.5% during the second quarter. Cubist Systematic Strategies LLC now owns 17,931 shares of the company’s stock worth $146,000 after acquiring an additional 16,089 shares during the last quarter. Institutional investors own 93.64% of the company’s stock.
Gannett Company Profile
Gannett Co, Inc operates as a media and marketing solutions company. The company operates through Publishing and ReachLocal segments. It 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 150 news brands and 150 magazines in the United Kingdom.
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