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%.

Stock | Ariel trims GCI stake in first quarter

Chicago-based money manager Ariel Investments sold 2.1% of its Gannett stock during the first quarter, the Motley Fool investing site says. Still, GCI remains No. 1 among Ariel's 116 holdings, valued at $5.7 billion.

GCI stock recently traded for $14.01 a share, up 17 cents, or 1.2%.

Ariel was GCI's No. 3 investor at the end of the quarter, with 14.3 million shares, MSN Money Central says.

JP Morgan Chase was No. 1, with 22.6 million shares. Alliance Bernstein was No. 2, with 16.8 million.

Motley didn't say when Ariel sold its stock, or give any other details. During the quarter, shares traded from $14.26 to $18.93.

Stock | Top investor Ariel tweaks GCI stake again

The Chicago-based money manager said it had added about 100,000 Gannett shares to its trove, raising its stake to 14.9 million from 14.8 million a year ago, according to a regulatory filing today. Ariel Investments' share of GCI remained virtually unchanged: 6.2%, the U.S. Securities and Exchange Commission document says.

Ariel's notice follows similar filings by some of GCI's other big investors, including BlackRock, which recently emerged in the No. 2 position, with 15.2 million. AllianceBernstein also filed notice recently.

GCI's stock closed today at $17.19, up 13 cents, or less than 1%.

Stock | No. 1 GCI investor JPMorgan trims stake

In a new regulatory filing, JP Morgan Chase disclosed today that it sold nearly 2 million of its Gannett shares in recent months, reducing the size of its overall stake in the company to 8.9% from 9.6% last fall, and 10.2% in April.

The banking giant owned 21.4 million shares as of Dec. 31 vs. 23 million at Sept. 30, according to filings with the U.S. Securities and Exchange Commission.

Morgan emerged as GCI's biggest shareholder in May, when it notified the SEC that it had boosted its holdings by at least 17 million shares.

Today's filing doesn't say how much Morgan received for the shares it sold. From Oct. 1 to Dec. 31, GCI traded between $11.76 and $15.78 a share, according to Google Finance. Today, GCI recently traded for $14.86, up about 1%.

Prior to today's filing, GCI's No. 2 shareholder was mutual fund giant Vanguard Group, at 13.7 million shares, or 5.7% of all, investment site MSN MoneyCentral says. No. 3 was money manager Ariel Investments, at 13.5 million, or 5.7%. That data is at Sept. 30.

Compared to three months ago, are your GCI holdings higher? Lower? The same? Post 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.

Urgent: J.P. Morgan jumps to No. 1 stockholder; bank bulks up to 24M shares, new document says

The investment banking goliath has added at least 17 million shares in the last four months, a new regulatory filing today says, boosting its overall share of Gannett's stock to 10.2%, or 24 million shares as of April 30 -- making it the company's single biggest holder.

J.P. Morgan Chase's filing early this morning with the U.S. Securities and Exchange Commission does not indicate the bank is anything more than a passive investor. In other words, it is not seeking to change the company's direction via assuming a seat on the board of directors.

The bank's previous stake is listed variously as 5.4 million, or 2.3%, on the low side, and 7.4 million or 3.1%, on the high side. Both those figures are as of Dec. 31. I can't explain the different figures, which come from two different databases. At the moment, I'm looking for more information within Gannett's SEC filings.

GCI soared after the filing: Shares recently traded for $17.14, up $1.10 a share, or 6.9%. That rise far outpaced the Dow Jones Industrial Average and the broader S&P 500 Index, both of which were up less than 1%.

Today's filing doesn't give the prices J.P. Morgan paid. Between Dec. 31 and April 30, Gannett traded from a closing low of $13.53 to a closing high of $18.67, Google Finance says.

Gannett's two top shareholders had been Ariel Investments, with 14.8 million, or 6.3%; and Vanguard Group, with 12.7 million, or 5.4%. Those figures also were as of Dec. 31, public documents show.

Related: The Wall Street Journal's story

Urgent: Buffett reportedly sells 1/3 of his GCI stock

[GCI traded for $9.53 to $15.99 in fourth quarter as he sold]

Influential investor Warren Buffett (left) has sold one million of three million Gannett shares, The Street website is now reporting, as his Berkshire Hathaway conglomerate shuffled its portfolio in the fourth quarter.

The Street doesn't say when Berkshire sold its GCI shares, or the price. The stock traded between $9.53 and $15.99 during the quarter, Google Finance says. Today, it traded recently for $14.98. Buffett has been a significant investor in newspapers, including ownership of the The Buffalo News and a big stake in the Washington Post Co., where he's is a member of he board of directors.

Berkshire's sale follows news that one of Gannett's biggest investors, Brandes Investment Partners, sold virtually all its 23 million shares. And the company's No. 1 investor, Ariel Investments, reduced its stake by nearly three million shares.

At a minimum, these sales suggest some investors don't expect Gannett's stock to rise anytime soon. Some sales, such as Brandes', may be a decision to cut losses by the end of the 2009 tax year.

[Chart: Google Finance]

Urgent: Investor Brandes sells 23 million shares; California money manager was once top holder

One of Gannett's biggest stockholders, Brandes Investment Partners, has sold virtually all its shares in the company -- 22.6 million, according to a regulatory filing today.

The San Diego, Calif.-based money manager said it owned just 1,045 shares as of Dec. 31, according to the filing with the U.S. Securities and Exchange Commission. In its last such regulatory notice, Brandes told the SEC that it owned 22.6 million shares, as of March 31, 2009. That was equal to 9.9% of all Gannett's stock at the time, according to the document.

Today's filing does not disclose the timing of the sale, and it doesn't give prices. Gannett's stock ranged from $2.20 to $15.63 a share between March 31 and Dec. 31, according to Google Finance.

Whatever the sale terms, Brandes' move suggests the company believes GCI's stock won't rise higher anytime soon. Indeed, Gannett shares have fallen 17% since their recent peak of $17.27 in mid-January. The stock closed today at $14.29.

The enormous sale doesn't mean Brandes profited on its investment, however -- even at the highest trading price during the sale period. The company first emerged as Gannett's then-top stockholder in November 2007, when it told the SEC that it owned 26.2 million shares. At that time, Gannett stock was trading for about $42 a share.

The Brandes filing today came shortly after Gannett's top stockholder, Ariel Investments of Chicago, said it had trimmed its holdings by nearly three million shares between Oct. 31 and Dec. 31. Ariel owned 6.3% of GCI's stock at Dec. 31, the filing says.

Stock | Top investor Ariel trims GCI stake again

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.

Urgent: No. 1 investor AXA drops millions of shares

After boosting its stake just last year, Gannett's single-biggest investor sold most its nearly 31 million shares as of April 30, the money management firm said in a new U.S. Securities and Exchange Commission notice, moments ago. As is customary for such filings, the notice by AllianceBernstein parent AXA Financial does not include any explanation for the action. The money manager's ownership at:

Dec. 31, 2008
Shares: 30.8 million
Stock price: $8.00

April 30, 2009
Shares: 952,828
Stock price: $3.91

We now know that rival institutional money manager Ariel Investments of Chicago apparently was buying, as AXA was selling.

Please post your replies in the comments section, below. To e-mail confidentially, write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green rail, upper right.

Urgent: Stalling run-up, GCI slides in early trade

GCI stock recently changed hands for $3.12 a share, down 23%, after trading as low as $3.05 earlier in the session, Google Finance is now reporting. The decline follows the stock's unusual run-up since last Thursday, when Chicago money manager Ariel Capital Investments revealed that it had become Gannett's No. 2 stockholder. This morning, broader markets were lower:

• Dow Jones industrials: down 1.7%
  
• S&P 500: down 1.9%
  
• Nasdaq: down 1.9%
  

Please post your replies in the comments section, below. To e-mail confidentially, write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green rail, upper right.

What they say after doubling down on a risky bet

"USA Today is going to be a survivor."

Jason Tyler, a senior vice president at Ariel Capital Investments, now Gannett's No. 2 stockholder. "The first place companies will start spending again is advertising," Tyler told Bloomberg News, "and the newspaper’s reach will make it very attractive to marketers."

Urgent: In reversal, GCI soars 24% in early trade; CEO Dubow, 10 others score huge paper profits

[Stock options awarded at a strike price of $3.75]

The company's shares recently traded for $4.65, up 24%, after soaring nearly 40% on Thursday, when Ariel Capital Investments of Chicago disclosed it had become Gannett's second-biggest stockholder. (Markets were closed for Good Friday.) Earlier in today's session, GCI's shares were down. The Dow Jones industrials, and the broader S&P 500 index were both down more than 1%.

This morning's surge means CEO Craig Dubow and other top executives have made big paper profits on a slew of stock options they got in late February. The options vest over four years, starting in February 2010. Their strike price is $3.75, meaning the execs earn a penny paper profit every time shares rise above that amount.

Today alone, Dubow has made $450,000, based on that $4.65 level.

Please post your replies in the comments section, below. To e-mail confidentially, write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green rail, upper right.

Back to the future? Ariel's Rogers on newspapers

With advertising and readers fleeing to the Internet, it's hard to recall a time when newspaper companies were more out of favor among investors. So why would Ariel Capital Management pour more money into Gannett, the ailing publisher of USA Today, and 101 other dailies in the U.S. and the U.K.?

"Our firm is based on contrarianism," Founder John Rogers (left) once told the Chicago Tribune. "We often find that's where opportunity is.''

Today, the Chicago money management firm emerged as Gannett's new No. 2 stockholder, after it told federal regulators it had amassed 28.8 million GCI shares, more than double the 11.1 million it held on Dec. 31. The news electrified Wall Street investors: Gannett's stock rocketed to $3.75 a share, up a whopping 39%, or $1.06 a share.

In that Trib interview, Rogers said the industry's woes were about to bottom out, setting up pure-play newspaper stocks for a rebound. "When everyone decides an industry can only go down, usually that's getting close to a bottom," Rogers said in that memorable interview.

Memorable, of course, because it took place in late July 2007. Aerial had just boosted its stake in McClatchy Co. to 15.5% from 10.3% only three months before. (Aerial's share has grown still more; it's now 26.2%.) At the time, Miami Herald owner McClatchy's stock traded for $26.50 a share.

Yikes! Today, MNI closed at 61 cents, up 3 cents.

Memorable source, too!
There aren't many minority professionals on Wall Street, much less founders of investment firms. So, Rogers occupied a prominent if not lonely position on the various minority source lists I kept over the years as a Gannett reporter and editor.

[Photo: Aerial]

Urgent: Money manager Ariel doubles GCI stake; Chicago firm suddenly vaults to No. 2 stockholder

Ariel Investments just notified federal regulators in a new filing that it now owns 28.8 million Gannett shares -- 12.5% of all -- more than double the 11.1 million it held as of Dec. 31, according to MSN data.

Investors went nuts: GCI's stock recently traded for $3.74, up $1.05, a stunning 38%, Google Finance is now reporting. Broader markets are up, too, but not so much: The Dow Jones industrials and the S&P-500 index are both up less than 3%.

The Chicago money management firm led by founder John Rogers displaces Brandes Investment Partners of San Diego, Calif., as Gannett's No. 2 shareholder.

The old line-up, at Dec. 31, according to MSN:

• AllianceBernstein: 30,843,284 (13.4% of all shares)
  
• Brandes Investment Partners: 23,469,400 (10.2%)
  
• Barclays Global Investors: 13,600,252 (5.9%)
  
• Ariel Investments: 11,121,977 (4.8%)
  
• State Street Global Advisors: 9,823,345 (4.3%)
  

Please post your replies in the comments section, below. To e-mail confidentially, write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green rail, upper right.