The New York Times Company $NYT Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in shares of The New York Times Company (NYSE:NYT) by 4.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,598,593 shares of the company’s stock after selling 75,464 shares during the quarter. Bank of New York Mellon Corp owned about 0.98% of New York Times worth $89,489,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. raised its position in shares of 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. boosted its position in shares of New York Times by 264.0% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 16,951 shares of the company’s stock valued at $949,000 after purchasing an additional 12,294 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in New York Times by 154.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 64,522 shares of the company’s stock worth $3,685,000 after purchasing an additional 39,149 shares in the last quarter. Element Capital Management LLC acquired a new stake in New York Times during the 1st quarter worth about $2,742,000. Finally, Harbor Capital Advisors Inc. lifted its stake in New York Times by 29.2% during the second 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 in the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

New York Times Stock Up 2.2%

New York Times stock 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 has a market cap 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. The company’s fifty day simple moving average is $57.34 and its 200-day simple moving average is $56.08.

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

New York Times Dividend Announcement

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

Insider Activity at New York Times

In other New York Times news, EVP William Bardeen sold 5,000 shares of the business’s stock in a transaction that occurred 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 directly owned 11,243 shares of the company’s stock, valued at $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total transaction 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 trade represents a 27.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on NYT. Zacks Research downgraded shares of New York Times from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. UBS Group set a $62.00 price objective on shares of New York Times in a research note on Thursday. Weiss Ratings reissued a “buy (b)” rating on shares of New York Times in a research note on Wednesday, October 8th. Evercore ISI restated an “outperform” rating on shares of New York Times in a report on Thursday. Finally, Barclays lifted their price target on New York Times from $52.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, New York Times has a consensus rating of “Moderate Buy” and an average target price of $62.17.

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.