In a new regulatory filing today, money manager AllianceBernstein said it had increased its stake to 16.9 million shares, or 7.1% of Gannett's stock. That was as of Dec. 31, and compares with 12.2 million shares, or 5.1%, at Sept. 30, according to data I found here this morning.
Bernstein's increased holdings followed word last week that another big investor, BlackRock, had added enough GCI stock to become the company's No. 2 investor.
As in BlackRock's case, Bernstein did not say how much it paid for the additional 4.7 million shares, or when the purchases occurred, according to the filing with the U.S. Securities and Exchange Commission. GCI stock recently traded for $17.10, up 10 cents, or less than 1%. The stock has lately been on a tear, soaring more than 13% at one point on Monday before closing lower.
Through its parent company, AXA Financial, the company's holdings have see-sawed over the years. At Dec. 31, 2008, AXA controlled 30.8 million shares. But by April 30 the following spring, it had sold most of those shares, leaving itself with just 952,828.
Related: list of major stockholders
As in BlackRock's case, Bernstein did not say how much it paid for the additional 4.7 million shares, or when the purchases occurred, according to the filing with the U.S. Securities and Exchange Commission. GCI stock recently traded for $17.10, up 10 cents, or less than 1%. The stock has lately been on a tear, soaring more than 13% at one point on Monday before closing lower.
Through its parent company, AXA Financial, the company's holdings have see-sawed over the years. At Dec. 31, 2008, AXA controlled 30.8 million shares. But by April 30 the following spring, it had sold most of those shares, leaving itself with just 952,828.
Related: list of major stockholders
Gannett's stock price and P/E are so low and the stock market so high that shrewd value investors are sorting through the bargain bin for cheap buys.
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