Jackson Square Partners LLC Sells 288,589 Shares of The New York Times Company $NYT

Jackson Square Partners LLC lowered its holdings in shares of The New York Times Company (NYSE:NYT) by 83.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,706 shares of the company’s stock after selling 288,589 shares during the quarter. Jackson Square Partners LLC’s holdings in New York Times were worth $3,230,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Covestor Ltd raised its holdings in New York Times by 7.9% during the first quarter. Covestor Ltd now owns 2,849 shares of the company’s stock valued at $141,000 after buying an additional 208 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of New York Times by 0.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,815 shares of the company’s stock valued at $3,069,000 after acquiring an additional 271 shares during the last quarter. Valueworks LLC increased its holdings in shares of New York Times by 0.3% during the 1st quarter. Valueworks LLC now owns 88,939 shares of the company’s stock valued at $4,411,000 after acquiring an additional 278 shares during the last quarter. Blue Trust Inc. raised its stake in shares of New York Times by 20.0% in the 2nd quarter. Blue Trust Inc. now owns 1,769 shares of the company’s stock valued at $99,000 after acquiring an additional 295 shares in the last quarter. Finally, Confluence Wealth Services Inc. lifted its holdings in New York Times by 1.2% in the 2nd quarter. Confluence Wealth Services Inc. now owns 25,892 shares of the company’s stock worth $1,449,000 after purchasing an additional 296 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on NYT shares. Guggenheim raised 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. UBS Group set a $62.00 price target on shares of New York Times in a research note on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of New York Times in a research note on Wednesday, October 8th. Barclays increased their price target on New York Times from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Evercore ISI restated an “outperform” rating on shares of New York Times in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, New York Times presently has an average rating of “Moderate Buy” and a consensus target price of $62.17.

New York Times Stock Up 2.2%

NYSE:NYT opened at $61.29 on Friday. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $62.24. The stock’s fifty day simple moving average is $57.34 and its 200-day simple moving average is $56.04. The firm has a market capitalization of $9.98 billion, a P/E ratio of 31.60, a P/E/G ratio of 1.41 and a beta of 1.14.

New York Times (NYSE:NYT) last released its earnings results on Wednesday, November 5th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.05. The firm had revenue of $700.82 million for the quarter, compared to analyst estimates of $692.01 million. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. As a group, equities research analysts expect that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 23rd. Investors of record on Wednesday, October 8th were issued a dividend of $0.18 per share. The ex-dividend date was Wednesday, October 8th. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. New York Times’s payout ratio is currently 37.11%.

Insider Activity at New York Times

In related news, EVP William Bardeen sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $60.04, for a total value of $330,220.00. Following the transaction, the executive vice president owned 14,470 shares in the company, valued at approximately $868,778.80. This represents a 27.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

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.