Fintel reports that on July 1, 2024, JMP Securities initiated coverage of Gannett (NYSE:GCI) with a Market Outperform recommendation.
Analyst Price Forecast Suggests 10.76% Downside
As of June 12, 2024, the average one-year price target for Gannett is $4.11/share. The forecasts range from a low of $2.52 to a high of $6.30. The average price target represents a decrease of 10.76% from its latest reported closing price of $4.61 / share.
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The projected annual revenue for Gannett is 2,804MM, an increase of 6.60%. The projected annual non-GAAP EPS is 0.20.
What is the Fund Sentiment?
There are 290 funds or institutions reporting positions in Gannett. This is an decrease of 7 owner(s) or 2.36% in the last quarter. Average portfolio weight of all funds dedicated to GCI is 0.08%, an increase of 2.88%. Total shares owned by institutions decreased in the last three months by 0.31% to 107,802K shares. 
The put/call ratio of GCI is 0.21, indicating a bullish outlook.
What are Other Shareholders Doing?
Alta Fundamental Advisers holds 13,146K shares representing 9.45% ownership of the company. No change in the last quarter.
Apollo Management Holdings holds 12,293K shares representing 8.84% ownership of the company. In its prior filing, the firm reported owning 11,589K shares , representing an increase of 5.72%. The firm increased its portfolio allocation in GCI by 50.01% over the last quarter.
Goldman Sachs Group holds 6,323K shares representing 4.55% ownership of the company. In its prior filing, the firm reported owning 6,541K shares , representing a decrease of 3.45%. The firm decreased its portfolio allocation in GCI by 74.79% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,447K shares representing 3.20% ownership of the company. In its prior filing, the firm reported owning 4,639K shares , representing a decrease of 4.31%. The firm decreased its portfolio allocation in GCI by 7.28% over the last quarter.
D. E. Shaw holds 4,025K shares representing 2.89% ownership of the company. In its prior filing, the firm reported owning 3,756K shares , representing an increase of 6.70%. The firm decreased its portfolio allocation in GCI by 16.55% over the last quarter.
Gannett Background Information
(This description is provided by the company.)
Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering communities to thrive. With an unmatched reach at the national and local level, Gannett touches the lives of millions with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. The Company's current portfolio of media assets includes USA TODAY, local media organizations in 46 states in the U.S., and Newsquest, a wholly owned subsidiary operating in the United Kingdom with more than 120 local news media brands. Gannett also owns the digital marketing services companies ReachLocal, Inc., UpCurve, Inc., and WordStream, Inc., which are marketed under the LOCALiQ brand, and runs the largest media-owned events business in the U.S., USA TODAY NETWORK Ventures.
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