Gannett Co., Inc. (NYSE:GCI – Get Free Report)’s share price dropped 8.1% during trading on Thursday . The company traded as low as $4.20 and last traded at $4.51. Approximately 817,435 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 1,018,776 shares. The stock had previously closed at $4.91.
Analysts Set New Price Targets
GCI has been the subject of a number of recent research reports. Citigroup upgraded Gannett from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $1.95 to $3.60 in a report on Friday, May 24th. JMP Securities initiated coverage on Gannett in a report on Monday, July 1st. They issued an “outperform” rating and a $6.00 target price for the company.
Gannett Price Performance
Gannett (NYSE:GCI – Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.26) EPS for the quarter. The company had revenue of $635.76 million during the quarter. Gannett had a negative return on equity of 27.67% and a negative net margin of 4.67%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Gannett by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 8,462,750 shares of the company’s stock valued at $20,734,000 after purchasing an additional 100,837 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Gannett by 5.5% in the fourth quarter. Mackenzie Financial Corp now owns 87,186 shares of the company’s stock worth $201,000 after buying an additional 4,562 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Gannett in the fourth quarter worth about $82,000. Focus Financial Network Inc. ADV purchased a new stake in shares of Gannett in the fourth quarter worth about $25,000. Finally, Pingora Partners LLC acquired a new position in Gannett in the 4th quarter worth about $342,000. 76.71% of the stock is currently owned by hedge funds and other institutional investors.
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.
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