Tuesday, February 14, 2012

Stock | Major investor Ariel's stake slips below 5%

Ariel Investments owned 11.5 million Gannett shares as of Dec. 31, the Chicago money manager said in a federal regulatory filing today, down significantly from 14.9 million a year ago.

That reduced its stake of all GCI shares to 4.8% from 6.2%, according to its annual notice to the U.S. Securities and Exchange Commission.

Ariel's filing follows similar reports this week and last by three other big other money managers: BlackRock, AllianceBernstein, and Vanguard.

Managers such as these are typically passive investors, rarely agitating for management changes.

GCI's stock closed today at $14.81, down 9 cents, or less than 1%.

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