Convergence Financial LLC bought a new position in shares of The New York Times Company (NYSE:NYT – Free Report) in the third quarter, Holdings Channel.com reports. The fund bought 10,580 shares of the company’s stock, valued at approximately $674,000.
A number of other large investors have also modified their holdings of NYT. Concurrent Investment Advisors LLC purchased a new position in shares of New York Times in the second quarter worth about $2,565,000. Resona Asset Management Co. Ltd. acquired a new position in New York Times during the first quarter worth about $1,752,000. Engineers Gate Manager LP boosted its position in New York Times by 832.5% during the second quarter. Engineers Gate Manager LP now owns 50,791 shares of the company’s stock worth $3,554,000 after acquiring an additional 45,344 shares during the last quarter. Giverny Capital Inc. acquired a new position in New York Times during the second quarter worth about $33,900,000. Finally, LGT Fund Management Co Ltd. grew its stake in New York Times by 27.8% during the 1st quarter. LGT Fund Management Co Ltd. now owns 70,463 shares of the company’s stock valued at $5,900,000 after acquiring an additional 15,321 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company’s stock.
Wall Street Analyst Weigh In
NYT has been the subject of a number of recent research reports. New Street Research set a $82.00 price objective on shares of New York Times in a report on Tuesday, September 15th. Barclays decreased their target price on shares of New York Times from $66.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 6th. UBS Group set a $82.00 target price on New York Times in a report on Tuesday, September 15th. Guggenheim raised New York Times from a “neutral” rating to a “buy” rating and increased their price target for the company from $70.00 to $82.00 in a report on Tuesday, September 15th. Finally, Zacks Research cut New York Times from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $82.70.
Read Our Latest Research Report on NYT
New York Times Price Performance
Shares of NYSE NYT opened at $69.37 on Friday. The company has a 50 day simple moving average of $67.20 and a 200-day simple moving average of $73.34. The company has a market capitalization of $11.19 billion, a P/E ratio of 28.90, a P/E/G ratio of 1.79 and a beta of 0.93. The New York Times Company has a 1 year low of $56.01 and a 1 year high of $87.10.
New York Times (NYSE:NYT – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.02. The firm had revenue of $762.46 million for the quarter, compared to analysts’ expectations of $752.01 million. New York Times had a return on equity of 22.64% and a net margin of 13.19%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 earnings per share. As a group, research analysts expect that The New York Times Company will post 2.83 EPS for the current year.
New York Times Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 22nd. Shareholders of record on Wednesday, October 7th were given a $0.23 dividend. The ex-dividend date was Wednesday, October 7th. This represents a $0.92 dividend on an annualized basis and a yield of 1.3%. New York Times’s payout ratio is currently 38.33%.
Key New York Times News
Here are the key news stories impacting New York Times this week:
- Positive Sentiment: Strong sports audience engagement could support The Athletic. The New York Times’ sports coverage is benefiting from extensive interest in the World Series, while the opening game reportedly attracted 12.26 million viewers. Continued sports engagement may help subscriptions, advertising and retention for The Athletic, although the article does not provide NYT-specific financial data. New York Times coverage
- Positive Sentiment: A wide range of high-interest coverage may support traffic and reader engagement. Major articles on U.S. economic growth, politics, international conflicts, health and culture reinforce the breadth of NYT’s news offering, which could aid digital usage and subscription value. The effect on revenue is indirect and cannot be confirmed from these articles. Consumers and A.I. Spending Push U.S. Economic Growth Higher
- Neutral Sentiment: Coverage of stronger U.S. economic growth offers a mixed macro backdrop. Consumer spending and artificial-intelligence investment are supporting the economy, potentially helping advertising demand, but stronger growth could also keep interest rates elevated. The article does not address NYT specifically. Consumers and A.I. Spending Push U.S. Economic Growth Higher
- Negative Sentiment: Pre-earnings sentiment is cautious. Zacks says NYT does not currently have the combination of factors it considers favorable for a likely earnings beat. That may limit near-term upside as investors await results, despite the company’s prior quarterly revenue growth and earnings outperformance. New York Times Co. Earnings Expected to Grow
New York Times Company Profile
The New York Times Company (NYSE: NYT) is a media and technology company best known for publishing The New York Times, a daily newspaper founded in 1851 by Henry Jarvis Raymond and George Jones. The company produces journalism across national and international news, business, politics, culture, science, sports and other topics through print and digital platforms.
In addition to its core news operation, the company offers a range of subscription products and digital services, including NYT Cooking, Games, Audio and The Athletic, a subscription-based sports media platform.
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