Resona Asset Management Co. Ltd. acquired a new stake in The New York Times Company (NYSE:NYT – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 20,922 shares of the company’s stock, valued at approximately $1,752,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Berkshire Hathaway Inc bought a new stake in New York Times in the 4th quarter valued at $351,664,000. Bank of Montreal Can lifted its holdings in New York Times by 10,018.3% during the 4th quarter. Bank of Montreal Can now owns 2,316,172 shares of the company’s stock valued at $160,789,000 after purchasing an additional 2,293,281 shares during the last quarter. AQR Capital Management LLC boosted its position in New York Times by 78.1% during the second quarter. AQR Capital Management LLC now owns 4,187,888 shares of the company’s stock worth $233,265,000 after purchasing an additional 1,836,788 shares during the period. Egerton Capital UK LLP bought a new position in New York Times during the fourth quarter worth $97,882,000. Finally, Two Sigma Investments LP increased its holdings in shares of New York Times by 98.5% in the third quarter. Two Sigma Investments LP now owns 2,055,628 shares of the company’s stock valued at $117,993,000 after purchasing an additional 1,020,031 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on NYT. JPMorgan Chase & Co. increased their price objective on shares of New York Times from $74.00 to $82.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $95.00 price target on shares of New York Times in a research note on Thursday, May 7th. Bank of America lowered their price target on shares of New York Times from $87.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, June 24th. Citigroup reissued a “neutral” rating on shares of New York Times in a report on Wednesday, June 24th. Finally, UBS Group set a $80.00 price objective on shares of New York Times in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, New York Times has an average rating of “Moderate Buy” and an average price target of $83.22.
New York Times Price Performance
NYT stock opened at $75.07 on Tuesday. The stock has a market capitalization of $12.15 billion, a price-to-earnings ratio of 32.22, a PEG ratio of 1.55 and a beta of 0.96. The business’s fifty day moving average price is $74.59 and its two-hundred day moving average price is $75.84. The New York Times Company has a fifty-two week low of $51.03 and a fifty-two week high of $87.10.
New York Times (NYSE:NYT – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.12. New York Times had a net margin of 13.18% and a return on equity of 22.02%. The company had revenue of $712.24 million during the quarter, compared to analysts’ expectations of $699.93 million. During the same quarter in the previous year, the business posted $0.41 earnings per share. New York Times’s quarterly revenue was up 12.0% on a year-over-year basis. Research analysts expect that The New York Times Company will post 2.93 EPS for the current year.
New York Times Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 23rd. Shareholders of record on Wednesday, July 8th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, July 8th. This represents a $0.92 dividend on an annualized basis and a yield of 1.2%. New York Times’s payout ratio is currently 39.48%.
Key New York Times News
Here are the key news stories impacting New York Times this week:
- Positive Sentiment: NYT was singled out as a low-beta defensive stock that may appeal to investors seeking stability amid escalating U.S.-Iran tensions and market volatility. 4 Low-Beta Defensive Stocks to Buy as Geopolitical Tensions Escalate
- Neutral Sentiment: Several recent NYT articles covered high-interest topics such as the Iran conflict, World Cup controversies, Japan’s new intelligence agency, and travel/features, which can support readership but do not clearly indicate an immediate financial impact. How the Superwealthy Sidestep the Masses to Get to the World Cup
Insiders Place Their Bets
In other New York Times news, EVP Jacqueline M. Welch sold 4,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $74.14, for a total transaction of $296,560.00. Following the transaction, the executive vice president owned 23,873 shares in the company, valued at $1,769,944.22. This represents a 14.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David S. Perpich sold 9,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $77.06, for a total transaction of $693,540.00. Following the transaction, the director directly owned 28,469 shares in the company, valued at $2,193,821.14. This represents a 24.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,121 shares of company stock worth $1,310,920 in the last quarter. Corporate insiders own 1.90% of the company’s stock.
About New York Times
The New York Times Company is a publicly traded media organization best known for publishing The New York Times newspaper and operating the NYTimes.com digital platform. The company produces daily print and digital journalism covering national and international news, opinion pieces, feature stories, and multimedia content. Alongside its flagship newspaper, the firm offers a range of subscription-based services, including Times Cooking, NYT Games, podcasts and newsletters, designed to engage a broad audience of readers and advertisers.
Founded in 1851 by Henry Jarvis Raymond and George Jones, The New York Times has built a reputation for in-depth reporting and investigative journalism.
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