$724.39 Million in Sales Expected for Gannett Co Inc (GCI) This Quarter

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Equities analysts predict that Gannett Co Inc (NYSE:GCI) will post $724.39 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for Gannett’s earnings, with the lowest sales estimate coming in at $720.07 million and the highest estimate coming in at $729.00 million. Gannett reported sales of $744.27 million in the same quarter last year, which would suggest a negative year over year growth rate of 2.7%. The company is scheduled to issue its next quarterly earnings results before the market opens on Thursday, November 8th.

According to Zacks, analysts expect that Gannett will report full-year sales of $2.97 billion for the current financial year, with estimates ranging from $2.97 billion to $2.99 billion. For the next financial year, analysts forecast that the firm will post sales of $2.93 billion, with estimates ranging from $2.90 billion to $2.99 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Gannett.

Gannett (NYSE:GCI) last posted its earnings results on Thursday, August 9th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.10. The firm had revenue of $730.77 million during the quarter, compared to analysts’ expectations of $739.17 million. Gannett had a net margin of 0.83% and a return on equity of 13.14%. The company’s revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share.

A number of research firms have issued reports on GCI. Noble Financial set a $15.00 target price on shares of Gannett and gave the company a “buy” rating in a research note on Friday, July 13th. JPMorgan Chase & Co. cut shares of Gannett from a “neutral” rating to an “underweight” rating and set a $10.00 target price for the company. in a research note on Friday, July 6th. ValuEngine upgraded shares of Gannett from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Finally, Zacks Investment Research cut shares of Gannett from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $12.50.

In other news, CMO Andrew T. Yost sold 3,500 shares of Gannett stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $10.31, for a total value of $36,085.00. Following the transaction, the chief marketing officer now owns 3,534 shares of the company’s stock, valued at $36,435.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Andrew T. Yost sold 5,175 shares of Gannett stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 7,034 shares in the company, valued at approximately $73,083.26. The disclosure for this sale can be found here. In the last three months, insiders sold 9,012 shares of company stock worth $93,318. Insiders own 1.06% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. James Investment Research Inc. raised its position in shares of Gannett by 17.1% in the third quarter. James Investment Research Inc. now owns 210,405 shares of the company’s stock valued at $2,106,000 after purchasing an additional 30,660 shares during the period. First Trust Advisors LP raised its position in shares of Gannett by 13.8% in the third quarter. First Trust Advisors LP now owns 221,895 shares of the company’s stock valued at $2,221,000 after purchasing an additional 26,935 shares during the period. Alpha Windward LLC bought a new position in Gannett during the third quarter worth $520,000. Nisa Investment Advisors LLC increased its position in Gannett by 28.9% during the third quarter. Nisa Investment Advisors LLC now owns 140,650 shares of the company’s stock worth $1,408,000 after acquiring an additional 31,500 shares during the period. Finally, NJ State Employees Deferred Compensation Plan bought a new position in Gannett during the third quarter worth $120,000. 98.27% of the stock is currently owned by institutional investors.

NYSE GCI traded down $0.38 during trading on Friday, reaching $9.20. The company’s stock had a trading volume of 1,067,800 shares, compared to its average volume of 1,123,071. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.13 billion, a PE ratio of 8.93 and a beta of 0.91. Gannett has a 1-year low of $8.42 and a 1-year high of $12.38.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 24th. Stockholders of record on Monday, December 10th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 6.96%. The ex-dividend date is Friday, December 7th. Gannett’s dividend payout ratio is 62.14%.

Gannett Company 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.

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