New York Times (NYSE:NYT) Stock Price Target Raised at Barclays

Key Points

• Barclays raised its New York Times price target from $63 to $64 but maintained an “equal weight” rating, implying 2.49% downside from the share price cited in the report.
• Analyst sentiment overall is more positive: the stock has a “Moderate Buy” consensus rating and an average price target of $82.80.
• New York Times beat quarterly expectations, reporting EPS of $0.68 and revenue of $768.54 million; revenue increased 9.7% year over year.

New York Times (NYSE:NYT - Get Free Report) had its target price increased by research analysts at Barclays from $63.00 to $64.00 in a report issued on Thursday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's price target would indicate a potential downside of 2.49% from the company's current price.

A number of other research firms also recently commented on NYT. UBS Group set a $82.00 target price on New York Times in a research report on Tuesday, September 15th. Weiss Ratings upgraded shares of New York Times from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Guggenheim upgraded New York Times from a "neutral" rating to a "buy" rating and boosted their target price for the company from $70.00 to $82.00 in a research report on Tuesday, September 15th. Zacks Research lowered New York Times from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Finally, New Street Research set a $82.00 target price on shares of New York Times in a research note on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $82.80.

New York Times Price Performance

Shares of New York Times stock traded down $0.86 during trading on Thursday, hitting $65.64. 1,466,423 shares of the company's stock traded hands, compared to its average volume of 2,254,865. New York Times has a 1 year low of $57.97 and a 1 year high of $87.10. The business has a 50-day simple moving average of $67.34 and a 200-day simple moving average of $73.29. The stock has a market capitalization of $10.59 billion, a P/E ratio of 27.32, a PEG ratio of 1.73 and a beta of 0.89.

New York Times (NYSE:NYT - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.03. New York Times had a net margin of 13.19% and a return on equity of 22.64%. The firm had revenue of $768.54 million for the quarter, compared to analysts' expectations of $767.21 million. During the same quarter in the prior year, the business earned $0.59 EPS. The business's quarterly revenue was up 9.7% on a year-over-year basis. On average, equities analysts predict that New York Times will post 2.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New York Times

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund increased its stake in New York Times by 0.6% during the third quarter. Illinois Municipal Retirement Fund now owns 151,483 shares of the company's stock worth $9,649,000 after purchasing an additional 911 shares during the period. Bahl & Gaynor LLC boosted its stake in shares of New York Times by 24.7% in the third quarter. Bahl & Gaynor LLC now owns 66,159 shares of the company's stock valued at $4,214,000 after purchasing an additional 13,090 shares during the period. New York Life Investment Management LLC grew its holdings in shares of New York Times by 44.7% in the third quarter. New York Life Investment Management LLC now owns 26,274 shares of the company's stock valued at $1,674,000 after purchasing an additional 8,113 shares in the last quarter. AlphaCore Capital LLC increased its stake in New York Times by 89.0% during the 3rd quarter. AlphaCore Capital LLC now owns 9,398 shares of the company's stock worth $599,000 after buying an additional 4,425 shares during the period. Finally, Retirement Systems of Alabama lifted its holdings in New York Times by 14.2% during the 3rd quarter. Retirement Systems of Alabama now owns 190,315 shares of the company's stock worth $12,123,000 after buying an additional 23,710 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

Key New York Times News

Here are the key news stories impacting New York Times this week:

• Positive Sentiment: Q3 adjusted earnings of $0.68 per share beat the $0.65 analyst estimate, while revenue of $768.54 million topped expectations and rose 9.7% year over year. Digital subscriber gains, higher subscription revenue and increased ad sales drove growth and margin expansion. The New York Times Q3 Earnings Beat on Digital Subscription Growth
• Neutral Sentiment: The other listed articles are largely editorial and sports coverage, with no additional clear company-specific financial catalyst for NYT shares.

About New York Times

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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