Algert Global LLC Acquires 40,928 Shares of The New York Times Company $NYT

Key Points

• Algert Global LLC increased its stake in The New York Times Company by 20.3% in the first quarter, now owning approximately 0.15% of the company's stock, valued at $12.05 million.
• The New York Times reported $0.58 EPS for the last quarter, exceeding estimates by $0.08, with revenue growth of 9.7% year-over-year.
• Analysts have mixed ratings for the stock, with an average rating of "Moderate Buy" and a target price of $60.33.

Algert Global LLC increased its position in shares of The New York Times Company (NYSE:NYT - Free Report) by 20.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 243,023 shares of the company's stock after acquiring an additional 40,928 shares during the period. Algert Global LLC owned about 0.15% of New York Times worth $12,054,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NYT. Allianz Asset Management GmbH raised its holdings in shares of New York Times by 210.7% during the 1st quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company's stock valued at $79,832,000 after purchasing an additional 1,091,430 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of New York Times by 210.5% during the 4th quarter. Squarepoint Ops LLC now owns 1,382,695 shares of the company's stock valued at $71,969,000 after purchasing an additional 937,354 shares in the last quarter. Millennium Management LLC raised its holdings in shares of New York Times by 133.6% during the 4th quarter. Millennium Management LLC now owns 1,559,837 shares of the company's stock valued at $81,190,000 after purchasing an additional 892,155 shares in the last quarter. Nuveen LLC bought a new position in shares of New York Times during the 1st quarter valued at $37,500,000. Finally, Darsana Capital Partners LP raised its holdings in shares of New York Times by 15.0% during the 4th quarter. Darsana Capital Partners LP now owns 5,750,000 shares of the company's stock valued at $299,288,000 after purchasing an additional 750,000 shares in the last quarter. Institutional investors own 95.37% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on NYT shares. 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. Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Guggenheim lifted their price target 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. Morgan Stanley lifted their price target 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, Evercore ISI lifted their price target 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. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, New York Times has a consensus rating of "Moderate Buy" and an average target price of $60.33.

Insider Activity at New York Times

In related 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 transaction of $290,200.00. Following the transaction, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David S. Perpich sold 4,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total value of $224,720.00. Following the transaction, the director owned 27,569 shares in the company, valued at $1,548,826.42. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,490 shares of company stock worth $769,928 over the last three months. Company insiders own 1.90% of the company's stock.

New York Times Stock Down 0.5%

NYSE NYT traded down $0.2780 during trading on Thursday, hitting $59.6320. The company's stock had a trading volume of 1,414,645 shares, compared to its average volume of 1,795,715. The firm has a 50 day moving average price of $55.62 and a 200 day moving average price of $52.52. The firm has a market cap of $9.71 billion, a P/E ratio of 30.74, a price-to-earnings-growth ratio of 1.50 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 issued its quarterly 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 company had revenue of $685.90 million for 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 company's revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. On average, equities analysts expect that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Dividend Announcement

The company 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 payout ratio is currently 37.11%.

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.