Evercore ISI Increases New York Times (NYSE:NYT) Price Target to $67.00

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 target price hoisted by Evercore ISI from $60.00 to $67.00 in a research note issued to investors on Friday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

NYT has been the topic of several other reports. Wall Street Zen raised shares of New York Times from a "hold" rating to a "buy" rating in a report on Friday, April 11th. Barclays set a $52.00 price target on shares of New York Times and gave the company an "equal weight" rating in a report on Thursday, August 7th. Guggenheim lifted their target price on shares of New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Finally, Morgan Stanley lifted their target price on shares of New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, New York Times currently has a consensus rating of "Moderate Buy" and an average target price of $60.33.

New York Times Trading Up 0.8%

NYT stock traded up $0.48 during mid-day trading on Friday, hitting $58.09. The stock had a trading volume of 844,662 shares, compared to its average volume of 1,793,362. The firm has a market capitalization of $9.47 billion, a P/E ratio of 29.92, a P/E/G ratio of 1.45 and a beta of 1.09. The firm has a fifty day simple moving average of $55.07 and a 200 day simple moving average of $52.22. 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 announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. The company had revenue of $685.90 million for the quarter, compared to analyst estimates of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The firm's revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 EPS. As a group, equities analysts expect that New York Times will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 9th. New York Times's dividend payout ratio is currently 37.11%.

Insider Activity

In other news, EVP William Bardeen sold 2,500 shares of the business's stock in a transaction dated 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 $950,595.41. The trade was a 13.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO R Anthony Benten sold 1,990 shares of the business's stock in a transaction dated Friday, May 30th. The shares were 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 $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. In the last three months, insiders have sold 8,490 shares of company stock valued at $479,728. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NYT. LPL Financial LLC lifted its stake in shares of New York Times by 11.7% in the 4th quarter. LPL Financial LLC now owns 8,164 shares of the company's stock valued at $425,000 after purchasing an additional 858 shares during the period. Wells Fargo & Company MN lifted its position in shares of New York Times by 2.0% during the 4th quarter. Wells Fargo & Company MN now owns 184,338 shares of the company's stock valued at $9,595,000 after acquiring an additional 3,701 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of New York Times by 4.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 156,592 shares of the company's stock valued at $8,151,000 after acquiring an additional 6,501 shares during the period. Russell Investments Group Ltd. lifted its position in shares of New York Times by 142.9% during the 4th quarter. Russell Investments Group Ltd. now owns 273,322 shares of the company's stock valued at $14,229,000 after acquiring an additional 160,788 shares during the period. Finally, Cerity Partners LLC lifted its position in shares of New York Times by 8.2% during the 4th quarter. Cerity Partners LLC now owns 17,305 shares of the company's stock valued at $920,000 after acquiring an additional 1,306 shares during the period. 95.37% of the stock is owned by institutional investors and hedge funds.

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.