New York Times (NYSE:NYT) Given New $62.00 Price Target at Morgan Stanley

New York Times (NYSE:NYT) had its price objective hoisted by Morgan Stanley from $59.00 to $62.00 in a research note released on Thursday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research analysts have also recently issued reports on the company. Barclays set a $52.00 target price on New York Times and gave the company an “equal weight” rating in a research note on Thursday, August 7th. Evercore ISI increased their target price on New York Times from $60.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Weiss Ratings restated a “buy (b)” rating on shares of New York Times in a report on Wednesday, October 8th. Zacks Research cut shares of New York Times from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Finally, Guggenheim increased their price objective on shares of New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, New York Times has a consensus rating of “Moderate Buy” and an average price target of $62.17.

New York Times Trading Up 2.2%

Shares of NYT stock traded up $1.31 on Thursday, reaching $61.29. The company had a trading volume of 3,201,443 shares, compared to its average volume of 1,737,932. New York Times has a 12 month low of $44.83 and a 12 month high of $62.24. The stock has a market cap of $9.98 billion, a PE ratio of 31.60, a PEG ratio of 1.41 and a beta of 1.14. The company has a 50-day moving average of $57.34 and a 200-day moving average of $56.04.

New York Times (NYSE:NYT) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The company had revenue of $700.82 million for the quarter, compared to analysts’ expectations of $692.01 million. During the same period last year, the firm posted $0.45 earnings per share. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. Sell-side analysts anticipate that New York Times will post 2.08 earnings per share for the current year.

New York Times Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 23rd. Shareholders of record on Wednesday, October 8th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, October 8th. New York Times’s payout ratio is presently 37.11%.

Insider Transactions at New York Times

In other news, EVP William Bardeen sold 5,000 shares of the company’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 transaction of $290,200.00. Following the sale, the executive vice president owned 11,243 shares in the company, valued at $652,543.72. This represents a 30.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction 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 owned 14,470 shares of the company’s stock, valued at approximately $868,778.80. This represents a 27.54% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On New York Times

A number of hedge funds and other institutional investors have recently bought and sold shares of NYT. Robeco Institutional Asset Management B.V. boosted its position in New York Times by 49.9% during the second quarter. Robeco Institutional Asset Management B.V. now owns 195,724 shares of the company’s stock worth $10,957,000 after purchasing an additional 65,175 shares during the period. First Citizens Bank & Trust Co. lifted its stake in shares of New York Times by 264.0% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 16,951 shares of the company’s stock worth $949,000 after buying an additional 12,294 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of New York Times by 154.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 64,522 shares of the company’s stock worth $3,685,000 after buying an additional 39,149 shares during the last quarter. Element Capital Management LLC bought a new stake in shares of New York Times during the 1st quarter worth about $2,742,000. Finally, Harbor Capital Advisors Inc. grew its stake in New York Times by 29.2% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 30,808 shares of the company’s stock valued at $1,725,000 after buying an additional 6,957 shares during the last quarter. Institutional investors own 95.37% of the company’s stock.

About New York Times

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.