Wall Street analysts expect that Gannett Co Inc (NYSE:GCI) will post earnings of $0.20 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Gannett’s earnings, with the lowest EPS estimate coming in at $0.18 and the highest estimate coming in at $0.23. Gannett reported earnings per share of $0.18 during the same quarter last year, which would indicate a positive year-over-year growth rate of 11.1%. The business is expected to issue its next quarterly earnings results on Thursday, August 2nd.
According to Zacks, analysts expect that Gannett will report full year earnings of $1.04 per share for the current fiscal year, with EPS estimates ranging from $1.00 to $1.07. For the next fiscal year, analysts anticipate that the business will report earnings of $1.03 per share, with EPS estimates ranging from $0.91 to $1.15. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that cover Gannett.
Gannett (NYSE:GCI) last announced its quarterly earnings data on Monday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.10. The firm had revenue of $722.95 million during the quarter, compared to the consensus estimate of $721.63 million. Gannett had a return on equity of 12.59% and a net margin of 0.28%. The business’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.14 EPS.
Several equities research analysts recently issued reports on GCI shares. ValuEngine downgraded Gannett from a “buy” rating to a “hold” rating in a research note on Tuesday. TheStreet raised Gannett from a “c” rating to a “b-” rating in a research note on Friday, June 22nd. Zacks Investment Research raised Gannett from a “sell” rating to a “hold” rating in a research note on Thursday, May 10th. Finally, JPMorgan Chase & Co. downgraded Gannett from a “neutral” rating to an “underweight” rating and set a $10.00 price objective for the company. in a research note on Friday, July 6th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the stock. The stock has an average rating of “Hold” and an average price target of $10.00.
In other Gannett news, CFO Alison K. Engel acquired 4,300 shares of Gannett stock in a transaction that occurred on Friday, May 11th. The stock was purchased at an average cost of $11.61 per share, with a total value of $49,923.00. Following the purchase, the chief financial officer now owns 42,690 shares in the company, valued at $495,630.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.74% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC raised its stake in shares of Gannett by 18.5% during the 4th quarter. Millennium Management LLC now owns 1,510,979 shares of the company’s stock worth $17,512,000 after purchasing an additional 235,407 shares in the last quarter. UBS Asset Management Americas Inc. grew its holdings in Gannett by 11.0% in the 4th quarter. UBS Asset Management Americas Inc. now owns 88,056 shares of the company’s stock valued at $1,021,000 after buying an additional 8,726 shares during the last quarter. MetLife Investment Advisors LLC acquired a new stake in Gannett in the 4th quarter valued at approximately $561,000. First Trust Advisors LP grew its holdings in Gannett by 8.9% in the 4th quarter. First Trust Advisors LP now owns 203,658 shares of the company’s stock valued at $2,360,000 after buying an additional 16,716 shares during the last quarter. Finally, Stone Ridge Asset Management LLC acquired a new stake in Gannett in the 4th quarter valued at approximately $1,143,000. 91.56% of the stock is owned by institutional investors.
Gannett traded down $0.06, hitting $10.25, during mid-day trading on Thursday, Marketbeat.com reports. The company’s stock had a trading volume of 642,300 shares, compared to its average volume of 1,227,371. The company has a market cap of $1.14 billion, a P/E ratio of 9.95 and a beta of 0.98. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.30. Gannett has a 52-week low of $7.94 and a 52-week high of $12.38.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 25th. Investors of record on Monday, June 11th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 6.24%. The ex-dividend date was Friday, June 8th. Gannett’s dividend payout ratio is currently 62.14%.
Gannett announced that its Board of Directors has initiated a stock repurchase program on Tuesday, May 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 8.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Gannett Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Gannett Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gannett and related companies with MarketBeat.com's FREE daily email newsletter.