Gannett (NYSE:GCI) Trading Down 5.5% - Here's What Happened

Gannett Co., Inc. (NYSE:GCI - Get Free Report) shares were down 5.5% during trading on Friday . The stock traded as low as $5.30 and last traded at $5.32. Approximately 235,143 shares changed hands during trading, a decline of 81% from the average daily volume of 1,211,330 shares. The stock had previously closed at $5.63.

Wall Street Analyst Weigh In

Separately, Citigroup raised Gannett from a "sell" rating to a "neutral" rating and set a $5.10 price objective for the company in a report on Tuesday, September 17th.

Gannett Price Performance

The company's 50-day simple moving average is $5.34 and its 200-day simple moving average is $4.95. The company has a debt-to-equity ratio of 3.88, a quick ratio of 0.74 and a current ratio of 0.79. The company has a market capitalization of $784.22 million, a PE ratio of -6.57 and a beta of 2.55.

Institutional Trading of Gannett

A number of hedge funds have recently added to or reduced their stakes in GCI. Price T Rowe Associates Inc. MD raised its position in Gannett by 9.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 88,368 shares of the company's stock worth $216,000 after buying an additional 7,732 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Gannett by 5.8% during the second quarter. Bank of New York Mellon Corp now owns 740,115 shares of the company's stock worth $3,412,000 after purchasing an additional 40,481 shares in the last quarter. Bailard Inc. acquired a new stake in Gannett in the second quarter valued at about $260,000. Cambiar Investors LLC purchased a new stake in Gannett in the 2nd quarter valued at approximately $49,000. Finally, Rhumbline Advisers increased its position in Gannett by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 231,252 shares of the company's stock worth $1,066,000 after purchasing an additional 3,333 shares during the period. 76.71% of the stock is owned by institutional investors and hedge funds.

Gannett Company Profile

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.