Ariel Investments has sold another large block of its Gannett stock, a regulatory filing today shows, reducing its stake to 14.8 million shares as of Dec. 31 from 17.4 million as of Oct. 31. The Chicago-based money manager now owns 6.3% of Gannett's shares, still ranking it as the company's No. 1 investor, according to the filing with the U.S. Securities and Exchange Commission.
No. 2, Vanguard Group, owned 12.7 million shares, or 5.4%, as of Dec. 31, the Boston company said Monday in an SEC filing.
Ariel built up a big stake last year on enthusiasm by Chairman and CEO John Rogers (left) for Gannett's prospects. That smart bet has paid off very well. As recently as March 31 of last year, the company owned 28.8 million Gannett shares -- 12.5% of all. Back then, GCI stock was trading for just $2.20. It closed yesterday at $14.21.
A friend of Obama
Rogers has become one of Washington's most-connected insiders over the past year. He counts among his friends President Obama, with whom he's occasionally played basketball in one of the president's famous pick-up games. Rogers' ex-wive, Desiree, is the White House social secretary, a position that drew her into the controversial state dinner party-crashing incident in November.
What percentage of your 401(k) is now invested in Gannett stock? Please post your replies in the comments section, below. To e-mail confidentially, write jimhopkins[at]gmail[dot-com]; see Tipsters Anonymous Policy in the rail, upper right.
No. 2, Vanguard Group, owned 12.7 million shares, or 5.4%, as of Dec. 31, the Boston company said Monday in an SEC filing.
Ariel built up a big stake last year on enthusiasm by Chairman and CEO John Rogers (left) for Gannett's prospects. That smart bet has paid off very well. As recently as March 31 of last year, the company owned 28.8 million Gannett shares -- 12.5% of all. Back then, GCI stock was trading for just $2.20. It closed yesterday at $14.21.A friend of Obama
Rogers has become one of Washington's most-connected insiders over the past year. He counts among his friends President Obama, with whom he's occasionally played basketball in one of the president's famous pick-up games. Rogers' ex-wive, Desiree, is the White House social secretary, a position that drew her into the controversial state dinner party-crashing incident in November.
What percentage of your 401(k) is now invested in Gannett stock? Please post your replies in the comments section, below. To e-mail confidentially, write jimhopkins[at]gmail[dot-com]; see Tipsters Anonymous Policy in the rail, upper right.
"Significant other" sold all the 401k GCI stock in mid-2008. In April 2009 we went to about 50% in GCI in that 401k (and more elsewhere) and have done very well, tho in-and-out a couple times now (out at $14, back in at $10, reduced position at $15). In fact, sig-o made more at me trading GCI last year than in Gannett salary.
ReplyDeleteThis is a scary market right here, and there are probably a lot of potential profit-takers with nervous trigger-fingers. Tho GCI has been showing some strength around $13.50-$14.00 in recent sessions, even tho that is still a 35%+ runup from early December (when it touched $10).
If you look at trailing P/E and forward P/E, then GCI is really a "value" proposition compared to the overall S&P 500, and by a substantial margin. If the market and the economy settle down (which is certainly speculative with Greece and China right now), this could be a $20 stock by summer, and a $30 stock by this time next year.
But the overall economy and market need to cooperate, and certainly right here they are not. Given the runup from December in GCI, to my eyes GCI is actually doing better than I would have expected at being stubborn in the $13.50-$14.00 range.