Gannett (NYSE:GCI) Lowered to “Hold” at Zacks Investment Research

Gannett (NYSE:GCI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

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. “

A number of other research firms have also issued reports on GCI. Noble Financial reaffirmed a “market perform” rating on shares of Gannett in a report on Tuesday, August 6th. ValuEngine lowered Gannett from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd.

NYSE:GCI opened at $10.41 on Tuesday. The business’s 50-day moving average price is $10.79 and its 200 day moving average price is $9.57. The firm has a market cap of $1.20 billion, a P/E ratio of 9.64 and a beta of 1.28. Gannett has a 52-week low of $7.41 and a 52-week high of $11.99. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.41.

Gannett (NYSE:GCI) last released its earnings results on Monday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09. The firm had revenue of $635.60 million for the quarter, compared to analyst estimates of $670.56 million. Gannett had a return on equity of 10.32% and a net margin of 0.50%. Gannett’s revenue was down 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 earnings per share. Sell-side analysts expect that Gannett will post 0.61 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in Gannett during the 3rd quarter valued at about $298,000. First Trust Advisors LP grew its stake in Gannett by 65.6% during the 3rd quarter. First Trust Advisors LP now owns 228,925 shares of the company’s stock valued at $2,459,000 after acquiring an additional 90,657 shares in the last quarter. Gabelli Funds LLC purchased a new position in Gannett during the 3rd quarter valued at about $1,276,000. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Gannett during the 3rd quarter valued at about $1,881,000. Finally, ARP Americas LP purchased a new position in Gannett during the 3rd quarter valued at about $27,401,000. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

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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