Acadian Asset Management LLC Grows Holdings in The New York Times Company $NYT

Key Points

• Acadian Asset Management LLC increased its stake in The New York Times Company by 383.0%, owning approximately 1.08% of the company valued at $87.54 million after purchasing 1,399,865 additional shares.
• Several institutional investors have also significantly increased their holdings, with Geneos Wealth Management boosting its stake by 690.7% during the same period.
• The New York Times recently reported earnings of $0.58 per share, exceeding estimates and achieving a 9.7% year-over-year revenue growth.

Acadian Asset Management LLC lifted its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 383.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,765,338 shares of the company's stock after purchasing an additional 1,399,865 shares during the period. Acadian Asset Management LLC owned 1.08% of New York Times worth $87,538,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Geneos Wealth Management Inc. boosted its stake in New York Times by 690.7% during the first quarter. Geneos Wealth Management Inc. now owns 846 shares of the company's stock worth $42,000 after buying an additional 739 shares during the last quarter. American National Bank & Trust acquired a new stake in shares of New York Times in the 1st quarter worth $45,000. WPG Advisers LLC purchased a new position in shares of New York Times during the 1st quarter worth $60,000. Bartlett & CO. Wealth Management LLC acquired a new position in shares of New York Times during the 1st quarter valued at about $99,000. Finally, Putney Financial Group LLC purchased a new stake in shares of New York Times in the fourth quarter valued at about $102,000. Institutional investors and hedge funds own 95.37% of the company's stock.

New York Times Price Performance

Shares of NYT traded up $0.33 during mid-day trading on Monday, reaching $59.26. The company's stock had a trading volume of 311,906 shares, compared to its average volume of 1,751,007. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $62.24. The stock has a market cap of $9.65 billion, a PE ratio of 30.54, a price-to-earnings-growth ratio of 1.49 and a beta of 1.16. The company's 50 day moving average is $56.88 and its 200 day moving average is $53.68.

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. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The firm had revenue of $685.90 million during the quarter, compared to the consensus estimate of $670.22 million. During the same period in the prior year, the company posted $0.45 earnings per share. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, July 9th. New York Times's dividend payout ratio (DPR) is currently 37.11%.

Insiders Place Their Bets

In other news, 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $60.04, for a total value of $330,220.00. Following the completion of the sale, the executive vice president directly owned 14,470 shares of the company's stock, valued at approximately $868,778.80. This trade represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on NYT shares. Guggenheim boosted their target price 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. Citigroup reaffirmed a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Zacks Research lowered New York Times from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Evercore ISI lifted their target price 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. Finally, Morgan Stanley upped their price target on New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, New York Times has a consensus rating of "Moderate Buy" and a consensus target price of $60.33.

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.