Gannett (NYSE:GCI) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
Separately, Zacks Investment Research raised Gannett from a “sell” rating to a “hold” rating in a research report on Thursday, May 10th.
Shares of Gannett opened at $10.35 on Friday, Marketbeat Ratings reports. Gannett has a one year low of $7.94 and a one year high of $12.38. The stock has a market capitalization of $1.19 billion, a P/E ratio of 10.05 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.16 and a quick ratio of 1.16.
Gannett announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, CFO Alison K. Engel bought 4,300 shares of the firm’s stock in a transaction that occurred on Friday, May 11th. The stock was acquired at an average cost of $11.61 per share, with a total value of $49,923.00. Following the transaction, the chief financial officer now directly owns 42,690 shares of the company’s stock, valued at approximately $495,630.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.06% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. acquired a new position in Gannett during the 1st quarter valued at about $105,000. Suntrust Banks Inc. acquired a new position in Gannett during the 1st quarter valued at about $117,000. Elkfork Partners LLC acquired a new position in Gannett during the 4th quarter valued at about $139,000. Xact Kapitalforvaltning AB acquired a new position in Gannett during the 4th quarter valued at about $155,000. Finally, HBK Investments L P acquired a new position in Gannett during the 4th quarter valued at about $161,000. Institutional investors and hedge funds own 91.83% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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