Bahl & Gaynor Inc. Acquires New Holdings in The New York Times Company $NYT

Key Points

• Bahl & Gaynor Inc. has purchased 54,239 shares of The New York Times Company, valued at approximately $2.69 million, marking a significant new investment in the company.
• In the latest quarter, The New York Times reported a 9.7% increase in revenue year-over-year, with earnings per share of $0.58, exceeding analyst expectations.
• The company's dividend yield is currently 1.2% and it recently paid a quarterly dividend of $0.18 per share, reflecting a payout ratio of 37.11%.

Bahl & Gaynor Inc. acquired a new stake in The New York Times Company (NYSE:NYT - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 54,239 shares of the company's stock, valued at approximately $2,690,000.

Several other institutional investors and hedge funds have also recently modified their holdings of NYT. LPL Financial LLC increased its holdings in shares of New York Times by 11.7% in the fourth 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 last quarter. Raymond James Financial Inc. acquired a new position in shares of New York Times in the fourth quarter valued at $1,544,000. Canada Pension Plan Investment Board acquired a new position in shares of New York Times in the fourth quarter valued at $250,000. First Trust Advisors LP increased its holdings in shares of New York Times by 95.2% in the fourth quarter. First Trust Advisors LP now owns 196,571 shares of the company's stock valued at $10,232,000 after purchasing an additional 95,852 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of New York Times by 6.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,496,614 shares of the company's stock valued at $129,954,000 after purchasing an additional 145,997 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on NYT shares. Guggenheim upped their price objective on shares of New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Barclays set a $52.00 target price on shares of New York Times and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Evercore ISI boosted their target price on shares of New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Morgan Stanley boosted their target price on shares of New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $60.33.

Insiders Place Their Bets

In other New York Times news, Director David S. Perpich sold 4,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total transaction of $224,720.00. Following the completion of the transaction, the director owned 27,569 shares of the company's stock, valued at approximately $1,548,826.42. The trade was a 12.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Bardeen sold 5,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total value of $290,200.00. Following the transaction, the executive vice president directly owned 11,243 shares of the company's stock, valued at approximately $652,543.72. The trade was a 30.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,490 shares of company stock valued at $769,928. 1.90% of the stock is currently owned by corporate insiders.

New York Times Price Performance

NYT traded down $0.09 on Thursday, hitting $59.75. 1,186,025 shares of the stock were exchanged, compared to its average volume of 1,775,940. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $62.24. The business has a 50-day moving average of $56.09 and a two-hundred day moving average of $52.79. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 1.50 and a beta of 1.09.

New York Times (NYSE:NYT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.50 by $0.08. The firm had revenue of $685.90 million during 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 business's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Equities research analysts expect that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Wednesday, July 9th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $0.72 annualized dividend and a yield of 1.2%. New York Times's payout ratio is presently 37.11%.

New York Times 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.