Corient IA LLC Buys New Position in The New York Times Company $NYT

Key Points

• Corient IA LLC acquired 7,000 shares of The New York Times Company, valued at approximately $347,000, marking a significant investment in the first quarter.
• Insider trading reports indicate a 12.67% decrease in ownership by director David S. Perpich, who sold 4,000 shares this June, while corporate insiders own only 1.90% of the stock.
• The New York Times reported a 9.7% year-over-year revenue increase for the latest quarter, reaching $685.90 million, with earnings per share beating estimates at $0.58.

Corient IA LLC bought a new position in shares of The New York Times Company (NYSE:NYT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 7,000 shares of the company's stock, valued at approximately $347,000.

A number of other institutional investors have also added to or reduced their stakes in NYT. American National Bank & Trust purchased a new position in New York Times during the 1st quarter valued at about $45,000. Bartlett & CO. Wealth Management LLC purchased a new position in New York Times during the 1st quarter valued at about $99,000. Putney Financial Group LLC purchased a new position in New York Times during the 4th quarter valued at about $102,000. Meeder Asset Management Inc. purchased a new position in New York Times during the 1st quarter valued at about $115,000. Finally, Covestor Ltd increased its position in New York Times by 7.9% during the 1st quarter. Covestor Ltd now owns 2,849 shares of the company's stock valued at $141,000 after purchasing an additional 208 shares during the period. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insiders Place Their Bets

In other New York Times news, EVP William Bardeen sold 5,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total value of $290,200.00. Following the completion of the sale, the executive vice president directly owned 11,243 shares of the company's stock, valued at $652,543.72. This trade represents a 30.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 sale, the chief accounting officer directly owned 39,685 shares of the company's stock, valued at $2,252,123.75. This trade represents a 4.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,490 shares of company stock valued at $769,928 in the last three months. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Citigroup reaffirmed a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Evercore ISI raised their price objective on 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 raised their price objective on 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. Guggenheim raised their price objective on New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Barclays set a $52.00 price objective on New York Times and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $60.33.

New York Times Stock Performance

NYSE NYT traded up $0.1150 during trading hours on Friday, reaching $59.7650. The stock had a trading volume of 1,371,195 shares, compared to its average volume of 1,789,022. The stock has a fifty day moving average of $55.70 and a 200 day moving average of $52.55. The stock has a market cap of $9.73 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 1.51 and a beta of 1.09. The New York Times Company 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 analysts' consensus estimates of $0.50 by $0.08. The company 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%.New York Times's revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. On average, equities research analysts forecast that The New York Times Company will post 2.08 EPS for the current year.

New York Times Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a 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%.

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.