Jefferies Group Comments on Gannett Co.’s FY2018 Earnings (GCI)
Gannett Co. (NYSE:GCI) – Research analysts at Jefferies Group cut their FY2018 earnings estimates for Gannett in a note issued to investors on Monday. Jefferies Group analyst J. Janedis now forecasts that the brokerage will post earnings of $1.37 per share for the year, down from their prior estimate of $1.40. Jefferies Group currently has a “Hold” rating on the stock.
Other research analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Gannett from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Thursday, July 21st. Noble Financial restated a “buy” rating and set a $23.00 price target on shares of Gannett in a report on Wednesday, June 29th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Gannett currently has a consensus rating of “Hold” and an average target price of $17.80.
Gannett (NYSE:GCI) traded down 0.72% during midday trading on Wednesday, reaching $11.06. 678,362 shares of the company traded hands. Gannett has a 12 month low of $11.03 and a 12 month high of $17.91. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 12.67 and a beta of 0.03. The firm’s 50 day moving average price is $11.71 and its 200 day moving average price is $13.90.
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Gannett (NYSE:GCI) last issued its earnings results on Wednesday, July 27th. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by $0.01. The company earned $748.80 million during the quarter, compared to analyst estimates of $794.77 million. Gannett had a net margin of 3.62% and a return on equity of 17.02%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 EPS.
The company also recently announced a quarterly dividend, which was paid on Monday, September 19th. Investors of record on Tuesday, September 6th were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a yield of 5.79%. Gannett’s payout ratio is presently 74.42%.
A number of hedge funds and other institutional investors have recently bought and sold shares of GCI. Nuveen Asset Management LLC raised its position in Gannett by 22.8% in the first quarter. Nuveen Asset Management LLC now owns 645,479 shares of the company’s stock worth $9,773,000 after buying an additional 119,800 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Gannett during the first quarter worth about $1,023,000. Riverhead Capital Management LLC raised its position in Gannett by 318.5% in the first quarter. Riverhead Capital Management LLC now owns 384,284 shares of the company’s stock worth $5,818,000 after buying an additional 292,450 shares during the last quarter. UBS Group AG raised its position in Gannett by 76.8% in the first quarter. UBS Group AG now owns 209,647 shares of the company’s stock worth $3,175,000 after buying an additional 91,077 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp raised its position in Gannett by 142.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 87,900 shares of the company’s stock worth $1,331,000 after buying an additional 51,700 shares during the last quarter. Institutional investors and hedge funds own 91.75% of the company’s stock.
Gannett Company Profile
Gannett Co, Inc is an international, multi-platform news and information company. The Company is a local content provider in the United States, operating in over 30 states and Guam. Its operations comprise approximately 110 daily publications and digital platforms in the United States and the United Kingdom, over 400 non-daily publications in the United States, and approximately 150 such titles in the United Kingdom.
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