New York Times (NYSE:NYT) Stock Price Expected to Rise, Evercore ISI Analyst Says

Key Points

• Evercore ISI increased the price target for New York Times (NYSE:NYT) from $60.00 to $67.00, indicating a potential upside of 14.78% from the stock's previous close.
• Multiple analysts have recently revised their ratings on NYT, with an overall consensus of "Moderate Buy" and an average target price of $60.33.
• The company reported quarterly earnings of $0.58 EPS, surpassing expectations and showcasing a 9.7% increase in revenue year-over-year.

New York Times (NYSE:NYT - Free Report) had its price target upped by Evercore ISI from $60.00 to $67.00 in a report published on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other analysts also recently commented on NYT. Citigroup reiterated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Wall Street Zen upgraded New York Times from a "hold" rating to a "buy" rating in a research note on Friday, April 11th. Barclays increased their target price on New York Times from $45.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday. Guggenheim increased their target price on New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, Morgan Stanley increased their target price on New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, New York Times currently has a consensus rating of "Moderate Buy" and an average price target of $60.33.

New York Times Stock Performance

Shares of New York Times stock traded down $0.68 during midday trading on Friday, hitting $57.51. The company had a trading volume of 2,359,149 shares, compared to its average volume of 2,336,941. The stock has a market capitalization of $9.38 billion, a P/E ratio of 29.65, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a 50 day moving average of $55.06 and a 200 day moving average of $52.20. New York Times has a 52-week low of $44.83 and a 52-week high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.08. The company had revenue of $685.90 million for the quarter, compared to the consensus estimate of $670.22 million. New York Times had a return on equity of 19.55% and a net margin of 11.92%. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. Equities research analysts forecast that New York Times will post 2.08 EPS for the current year.

New York Times Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Wednesday, July 9th. New York Times's dividend payout ratio is presently 37.11%.

Insider Activity

In related news, EVP William Bardeen sold 2,500 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.83, for a total value of $142,075.00. Following the transaction, the executive vice president directly owned 16,727 shares of the company's stock, valued at approximately $950,595.41. This trade represents a 13.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO R Anthony Benten sold 1,990 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the transaction, the chief accounting officer directly owned 39,685 shares in the company, valued at approximately $2,252,123.75. This represents a 4.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,490 shares of company stock valued at $479,728 in the last ninety days. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On New York Times

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in New York Times by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 15,987,404 shares of the company's stock worth $792,975,000 after purchasing an additional 187,056 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in New York Times by 7.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 10,392,977 shares of the company's stock worth $515,492,000 after purchasing an additional 698,433 shares during the period. Darsana Capital Partners LP increased its stake in New York Times by 15.0% in the 4th quarter. Darsana Capital Partners LP now owns 5,750,000 shares of the company's stock worth $299,288,000 after buying an additional 750,000 shares in the last quarter. Geode Capital Management LLC increased its stake in New York Times by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,826,905 shares of the company's stock worth $214,257,000 after buying an additional 46,249 shares in the last quarter. Finally, Baillie Gifford & Co. increased its stake in New York Times by 19.0% in the 1st quarter. Baillie Gifford & Co. now owns 3,018,477 shares of the company's stock worth $149,716,000 after buying an additional 481,682 shares in the last quarter. 95.37% of the stock is owned by institutional investors.

New York Times Company 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.