Bank of America Has Lowered Expectations for New York Times (NYSE:NYT) Stock Price

Key Points

• Bank of America cut its price target on New York Times stock from $87 to $80 while keeping a neutral rating, signaling more cautious expectations for the shares.
• The stock was down 1.7% to $71.59 on Wednesday, still leaving implied upside versus Bank of America’s revised target and close to analysts’ average target of $83.22.
• New York Times recently beat earnings and revenue estimates, reporting $0.61 EPS on $712.24 million in revenue, but insider selling and mixed analyst sentiment have kept the outlook balanced.

New York Times (NYSE:NYT - Get Free Report) had its price target dropped by equities research analysts at Bank of America from $87.00 to $80.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Bank of America's target price would suggest a potential upside of 11.75% from the stock's current price.

NYT has been the subject of a number of other research reports. Citigroup reaffirmed a "neutral" rating on shares of New York Times in a research report on Wednesday. Barclays increased their price objective on shares of New York Times from $60.00 to $66.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 7th. Wall Street Zen upgraded New York Times from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. JPMorgan Chase & Co. lifted their target price on New York Times from $74.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday, May 29th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of New York Times in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $83.22.

New York Times Stock Down 1.7%

NYSE NYT traded down $1.24 on Wednesday, reaching $71.59. The company had a trading volume of 366,724 shares, compared to its average volume of 2,150,914. The stock's 50 day moving average is $76.64 and its 200-day moving average is $75.38. The stock has a market cap of $11.59 billion, a price-to-earnings ratio of 30.70, a PEG ratio of 1.49 and a beta of 0.95. New York Times has a 52 week low of $51.03 and a 52 week high of $87.10.

New York Times (NYSE:NYT - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.12. The company had revenue of $712.24 million for the quarter, compared to analyst estimates of $699.93 million. New York Times had a net margin of 13.18% and a return on equity of 22.02%. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. As a group, analysts forecast that New York Times will post 2.93 EPS for the current year.

Insider Buying and Selling

In other news, Director David S. Perpich sold 9,000 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $77.06, for a total value of $693,540.00. Following the completion of the sale, the director owned 28,469 shares of the company's stock, valued at approximately $2,193,821.14. The trade was a 24.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP William Bardeen sold 4,121 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $77.85, for a total transaction of $320,819.85. Following the completion of the transaction, the executive vice president owned 14,560 shares in the company, valued at $1,133,496. This trade represents a 22.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 17,121 shares of company stock valued at $1,310,920. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On New York Times

Institutional investors and hedge funds have recently bought and sold shares of the company. Empowered Funds LLC acquired a new position in New York Times during the first quarter worth about $442,000. Focus Partners Wealth grew its holdings in shares of New York Times by 52.2% during the 1st quarter. Focus Partners Wealth now owns 11,640 shares of the company's stock valued at $577,000 after purchasing an additional 3,990 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of New York Times by 690.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 846 shares of the company's stock valued at $42,000 after purchasing an additional 739 shares during the last quarter. Baird Financial Group Inc. acquired a new position in New York Times during the 2nd quarter worth approximately $306,000. Finally, Cerity Partners LLC lifted its stake in New York Times by 70.2% in the 2nd quarter. Cerity Partners LLC now owns 55,423 shares of the company's stock valued at $3,103,000 after purchasing an additional 22,853 shares during the last quarter. Institutional investors own 95.37% of the company's stock.

Trending Headlines about New York Times

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

• Positive Sentiment: Berkshire Hathaway reportedly nearly tripled its position in The New York Times Company, a vote of confidence from a high-profile value investor that could boost investor sentiment. Article Title
• Neutral Sentiment: The company published multiple live election-result pages and political stories, including coverage of New York, Maryland, and South Carolina contests, which should help traffic and engagement but are not major direct financial catalysts. Article Title
• Neutral Sentiment: Additional politics coverage, including “Trump to Meet With G.O.P. Senators Amid New Divisions” and related primary analysis, may support readership as a high-interest news cycle continues. Article Title
• Neutral Sentiment: MarketBeat’s note on USA Today’s digital revival suggests the newspaper industry remains in focus, but it does not directly change NYT’s fundamentals and is only a loose industry comparison. Article Title

New York Times Company Profile

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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