Gannett’s financial situation has been looking a little better the past few quarters. The slightly brighter outlook could explain why JP Morgan has upped its shares in the McLean, VA-based company, making it Gannett’s largest shareholder, according to an SEC filing (via GannettBlog) as it sought bargain prices over the first four months of this year.
Since January, JP Morgan has bought 17 million shares for a total of 24 million, or 10.2 percent more share than it had last December. Previously, Gannett’s largest shareholders were Ariel Investments, with 14.8 million, or 6.3 percent; and Vanguard Group, with 12.7 million, or 5.4 percent, GannettBlog noted.
The moves appear to be more related to Gannett’s relatively cheap stock price the past year, as opposed to any plans to on the part of JP Morgan to force any changes in the board of directors. The news of JP Morgan’s vote of confidence the past few months surely helped boost Gannett’s stock today, which was up 3.59 percent to $16.60.