Analysts predict that Gannett (NYSE:GCI) will post sales of $739.98 million for the current quarter, according to Zacks. Three analysts have issued estimates for Gannett’s earnings. The highest sales estimate is $750.73 million and the lowest is $733.00 million. Gannett posted sales of $774.51 million during the same quarter last year, which suggests a negative year-over-year growth rate of 4.5%. The firm is expected to report its next earnings report on Thursday, August 2nd.
On average, analysts expect that Gannett will report full-year sales of $2.99 billion for the current fiscal year, with estimates ranging from $2.95 billion to $3.03 billion. For the next year, analysts anticipate that the company will post sales of $2.88 billion per share, with estimates ranging from $2.81 billion to $2.99 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Gannett.
Gannett (NYSE:GCI) last issued its quarterly earnings results on Monday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.10. Gannett had a net margin of 0.28% and a return on equity of 12.59%. The business had revenue of $722.95 million for the quarter, compared to analyst estimates of $721.63 million. During the same quarter in the prior year, the business posted $0.14 EPS. Gannett’s revenue for the quarter was down 6.5% compared to the same quarter last year.
Gannett stock traded up $0.11 during mid-day trading on Thursday, reaching $11.63. 1,481,552 shares of the company traded hands, compared to its average volume of 1,295,131. 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 fifty-two week low of $7.36 and a fifty-two week high of $12.38. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 11.29 and a beta of 0.95.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 25th. Shareholders of record on Monday, June 11th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, June 8th. This represents a $0.64 dividend on an annualized basis and a yield of 5.50%. Gannett’s payout ratio is 62.14%.
Gannett announced that its board has authorized a share buyback program on Tuesday, May 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider John M. Zidich sold 28,089 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $10.21, for a total value of $286,788.69. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Walker Henry K. Faure sold 20,097 shares of the stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $10.03, for a total transaction of $201,572.91. Following the completion of the sale, the chief executive officer now owns 1,351 shares in the company, valued at approximately $13,550.53. The disclosure for this sale can be found here. Insiders sold 78,673 shares of company stock worth $804,778 in the last quarter. Company insiders own 0.74% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Gannett by 1.2% during the first quarter. BlackRock Inc. now owns 14,629,838 shares of the company’s stock valued at $146,007,000 after buying an additional 180,479 shares during the period. Dimensional Fund Advisors LP grew its position in Gannett by 12.6% during the first quarter. Dimensional Fund Advisors LP now owns 8,394,081 shares of the company’s stock valued at $83,773,000 after buying an additional 941,055 shares during the period. LSV Asset Management grew its position in Gannett by 26.3% during the first quarter. LSV Asset Management now owns 4,505,536 shares of the company’s stock valued at $44,965,000 after buying an additional 937,841 shares during the period. JPMorgan Chase & Co. grew its position in Gannett by 20.5% during the first quarter. JPMorgan Chase & Co. now owns 4,047,892 shares of the company’s stock valued at $40,398,000 after buying an additional 687,854 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its position in Gannett by 39.0% during the first quarter. Robeco Institutional Asset Management B.V. now owns 2,076,340 shares of the company’s stock valued at $20,721,000 after buying an additional 582,037 shares during the period. Hedge funds and other institutional investors own 92.62% of the company’s stock.
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.
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