Confluence Wealth Services Inc. Boosts Stake in The New York Times Company $NYT

Confluence Wealth Services Inc. lifted its position in The New York Times Company (NYSE:NYT) by 1.2% in the second quarter, Holdings Channel reports. The firm owned 25,892 shares of the company’s stock after acquiring an additional 296 shares during the period. Confluence Wealth Services Inc.’s holdings in New York Times were worth $1,449,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in NYT. Acadian Asset Management LLC boosted its holdings in shares of New York Times by 383.0% in the first quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company’s stock valued at $87,538,000 after acquiring an additional 1,399,865 shares during the period. AQR Capital Management LLC boosted its stake in New York Times by 101.6% during the 1st quarter. AQR Capital Management LLC now owns 2,351,100 shares of the company’s stock worth $115,627,000 after purchasing an additional 1,184,729 shares during the period. Allianz Asset Management GmbH boosted its stake in New York Times by 210.7% during the 1st quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company’s stock worth $79,832,000 after purchasing an additional 1,091,430 shares during the period. Burgundy Asset Management Ltd. grew its position in New York Times by 65.2% during the 1st quarter. Burgundy Asset Management Ltd. now owns 2,325,224 shares of the company’s stock worth $115,331,000 after purchasing an additional 917,766 shares during the last quarter. Finally, Nuveen LLC acquired a new position in New York Times in the first quarter valued at $37,500,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

New York Times Price Performance

NYT opened at $55.63 on Monday. The business has a 50 day simple moving average of $57.80 and a 200-day simple moving average of $54.66. The stock has a market capitalization of $9.06 billion, a P/E ratio of 28.68, a P/E/G ratio of 1.40 and a beta of 1.16. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $62.24.

New York Times (NYSE:NYT) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The firm had revenue of $685.90 million for the quarter, compared to analyst estimates of $670.22 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. New York Times’s quarterly revenue was up 9.7% on a year-over-year basis. Research analysts anticipate that The New York Times Company will post 2.08 EPS for the current year.

New York Times Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 23rd. Stockholders of record on Wednesday, October 8th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Wednesday, October 8th. New York Times’s dividend payout ratio (DPR) is currently 37.11%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on NYT shares. Weiss Ratings reiterated a “buy (b)” rating on shares of New York Times in a research note on Saturday, September 27th. Citigroup reiterated a “buy” rating on shares of New York Times in a research note on Thursday, June 12th. Guggenheim boosted their target price on New York Times from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Morgan Stanley increased their price target on New York Times from $54.00 to $59.00 and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Finally, Evercore ISI boosted their price objective on shares of New York Times from $60.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, New York Times presently has an average rating of “Moderate Buy” and a consensus target price of $60.33.

Insider Activity

In other news, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $60.04, for a total transaction of $330,220.00. Following the completion of the sale, the executive vice president directly owned 14,470 shares in the company, valued at approximately $868,778.80. This trade represents a 27.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP William Bardeen sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total value of $290,200.00. Following the sale, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. This trade represents a 30.78% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

New York Times Profile

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide. The company operates through two segments, The New York Times Group and The Athletic. It offers The New York Times (The Times) through company’s mobile application, website, printed newspaper, and associated content, such as podcast.