Advisors Asset Management Inc. Boosts Stake in The New York Times Company $NYT

Key Points

• Advisors Asset Management Inc. increased its stake in The New York Times Company by 145.1% in the first quarter, purchasing an additional 10,712 shares, resulting in total holdings worth approximately $898,000.
• Several other institutional investors, including Allianz Asset Management and Burgundy Asset Management, also significantly increased their positions in NYT during the same period.
• New York Times reported earnings of $0.58 per share for the last quarter, surpassing analysts' expectations and reflecting a 9.7% revenue increase compared to the same quarter the previous year.

Advisors Asset Management Inc. grew its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 145.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 18,095 shares of the company's stock after purchasing an additional 10,712 shares during the period. Advisors Asset Management Inc.'s holdings in New York Times were worth $898,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Covestor Ltd lifted its holdings in shares of New York Times by 7.9% during the first 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 last quarter. Valueworks LLC raised its holdings in New York Times by 0.3% in the 1st quarter. Valueworks LLC now owns 88,939 shares of the company's stock worth $4,411,000 after acquiring an additional 278 shares during the last quarter. Snowden Capital Advisors LLC raised its holdings in New York Times by 2.1% in the 4th quarter. Snowden Capital Advisors LLC now owns 14,648 shares of the company's stock worth $762,000 after acquiring an additional 307 shares during the last quarter. Nia Impact Advisors LLC raised its holdings in New York Times by 1.6% in the 4th quarter. Nia Impact Advisors LLC now owns 25,687 shares of the company's stock worth $1,337,000 after acquiring an additional 400 shares during the last quarter. Finally, State of Michigan Retirement System raised its holdings in New York Times by 1.0% in the 1st quarter. State of Michigan Retirement System now owns 39,016 shares of the company's stock worth $1,935,000 after acquiring an additional 400 shares during the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

New York Times Trading Up 0.4%

Shares of NYSE:NYT traded up $0.21 during trading on Monday, reaching $59.14. The company's stock had a trading volume of 95,138 shares, compared to its average volume of 1,749,711. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $62.24. The firm's 50 day simple moving average is $56.88 and its two-hundred day simple moving average is $53.68. The stock has a market capitalization of $9.63 billion, a PE ratio of 30.47, a price-to-earnings-growth ratio of 1.49 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The firm had revenue of $685.90 million during the quarter, compared to the consensus estimate of $670.22 million. During the same quarter last year, the firm earned $0.45 EPS. The firm's revenue for the quarter was up 9.7% compared to the same quarter last year. Research analysts anticipate that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Dividend Announcement

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

Insider Transactions at New York Times

In related news, EVP William Bardeen sold 5,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the sale, the executive vice president directly owned 11,243 shares of the company's stock, valued at $652,543.72. This represents a 30.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $60.04, for a total transaction of $330,220.00. Following the completion of the sale, the executive vice president directly owned 14,470 shares in the company, valued at $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. Corporate insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on NYT shares. Zacks Research lowered shares of New York Times from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Citigroup restated a "buy" rating on shares of New York Times in a report on Thursday, June 12th. 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 note on Thursday, August 7th. Evercore ISI boosted their price objective 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. Finally, Guggenheim boosted their price objective on shares of New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.33.

About New York Times

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.