Gannett Co., Inc. (NYSE:GCI – Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 447,473 shares changed hands during mid-day trading, a decline of 62% from the previous session’s volume of 1,164,609 shares.The stock last traded at $5.22 and had previously closed at $4.61.
Analyst Ratings Changes
A number of brokerages recently weighed in on GCI. Citigroup upgraded shares of Gannett from a “sell” rating to a “neutral” rating and set a $5.10 price target for the company in a research note on Tuesday. JMP Securities upgraded shares of Gannett to a “strong-buy” rating in a research note on Friday, August 2nd.
Check Out Our Latest Stock Report on Gannett
Gannett Stock Up 2.7 %
Gannett (NYSE:GCI – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.25. Gannett had a negative net margin of 3.71% and a negative return on equity of 17.12%. The business had revenue of $639.84 million during the quarter.
Hedge Funds Weigh In On Gannett
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new stake in Gannett in the second quarter valued at $76,000. Creative Planning purchased a new position in Gannett during the 2nd quarter valued at about $299,000. Murchinson Ltd. acquired a new position in Gannett during the second quarter worth about $2,536,000. Millennium Management LLC raised its position in Gannett by 18.9% during the second quarter. Millennium Management LLC now owns 1,118,284 shares of the company’s stock worth $5,155,000 after acquiring an additional 177,446 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of Gannett by 28.6% in the second quarter. D. E. Shaw & Co. Inc. now owns 5,174,914 shares of the company’s stock valued at $23,856,000 after purchasing an additional 1,149,459 shares in the last quarter. 76.71% of the stock is owned by institutional investors and hedge funds.
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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