Shah Capital Management reduced its holdings in shares of Gannett Co., Inc. (NYSE:GCI – Free Report) by 14.3% in the second quarter, Holdings Channel.com reports. The fund owned 1,800,000 shares of the company’s stock after selling 300,000 shares during the quarter. Gannett comprises about 1.8% of Shah Capital Management’s portfolio, making the stock its 12th largest holding. Shah Capital Management’s holdings in Gannett were worth $8,298,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Simplicity Wealth LLC bought a new stake in shares of Gannett during the first quarter worth $25,000. Cambiar Investors LLC bought a new stake in Gannett during the 2nd quarter valued at about $49,000. Focus Financial Network Inc. ADV purchased a new stake in Gannett in the 4th quarter valued at about $25,000. Dynamic Technology Lab Private Ltd bought a new position in Gannett in the 4th quarter worth about $82,000. Finally, Bailard Inc. purchased a new position in shares of Gannett during the second quarter worth approximately $260,000. Institutional investors own 76.71% of the company’s stock.
Gannett Trading Up 18.7 %
NYSE:GCI opened at $5.47 on Wednesday. The firm has a 50-day simple moving average of $4.77 and a 200-day simple moving average of $3.75. Gannett Co., Inc. has a one year low of $1.66 and a one year high of $5.91. The firm has a market cap of $807.09 million, a P/E ratio of -6.29 and a beta of 2.48. The company has a debt-to-equity ratio of 3.83, a quick ratio of 0.75 and a current ratio of 0.79.
Analyst Upgrades and Downgrades
GCI has been the subject of a number of research reports. JMP Securities upgraded Gannett to a “strong-buy” rating in a report on Friday, August 2nd. Citigroup upgraded Gannett from a “sell” rating to a “neutral” rating and set a $5.10 target price for the company in a report on Tuesday.
View Our Latest Analysis on GCI
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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