Allianz Asset Management GmbH Trims Stock Position in The New York Times Company $NYT

Key Points

• Allianz Asset Management GmbH has decreased its stake in The New York Times Company by 3.2%, now holding approximately 0.96% of the company, valued at $87.19 million.
• A number of hedge funds have made significant adjustments to their positions in New York Times shares, with Envestnet Portfolio Solutions Inc. increasing its stake by 255.4% in the second quarter.
• The New York Times announced a quarterly dividend of $0.18 per share, resulting in an annualized yield of 1.3%, with a payout ratio of 37.11%.

Allianz Asset Management GmbH reduced its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 3.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,557,526 shares of the company's stock after selling 51,987 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.96% of New York Times worth $87,190,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Twin Tree Management LP increased its position in New York Times by 18.3% during the 2nd quarter. Twin Tree Management LP now owns 60,231 shares of the company's stock valued at $3,372,000 after purchasing an additional 9,325 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in shares of New York Times by 255.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 19,298 shares of the company's stock worth $1,080,000 after buying an additional 13,868 shares during the period. Vest Financial LLC grew its position in shares of New York Times by 26.1% in the 2nd quarter. Vest Financial LLC now owns 79,852 shares of the company's stock worth $4,470,000 after buying an additional 16,511 shares during the period. CWM LLC grew its position in shares of New York Times by 153.0% in the 2nd quarter. CWM LLC now owns 69,537 shares of the company's stock worth $3,893,000 after buying an additional 42,054 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of New York Times by 9.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 20,447 shares of the company's stock worth $1,145,000 after buying an additional 1,718 shares during the period. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other New York Times news, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total transaction of $290,200.00. Following the transaction, the executive vice president owned 11,243 shares in the company, valued at approximately $652,543.72. This represents a 30.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $330,220.00. Following the transaction, the executive vice president owned 14,470 shares in the company, valued at $868,778.80. This represents a 27.54% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

New York Times Price Performance

Shares of New York Times stock opened at $55.66 on Friday. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 28.69, a PEG ratio of 1.38 and a beta of 1.16. The firm's 50-day moving average is $57.99 and its 200 day moving average is $54.97. The New York Times Company has a 1 year low of $44.83 and a 1 year 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, topping analysts' consensus estimates of $0.50 by $0.08. The company had revenue of $685.90 million for the quarter, compared to analysts' expectations of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. New York Times's revenue was up 9.7% compared to the same quarter last year. During the same quarter 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 EPS for the current fiscal year.

New York Times Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 23rd. Shareholders of record on Wednesday, October 8th will be paid a dividend of $0.18 per share. The ex-dividend date is Wednesday, October 8th. This represents a $0.72 annualized dividend and a yield of 1.3%. New York Times's dividend payout ratio is currently 37.11%.

Analysts Set New Price Targets

NYT has been the topic of a number of recent research reports. Zacks Research downgraded shares of New York Times from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of New York Times in a research report on Wednesday, October 8th. Morgan Stanley upped their target price on shares of New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Evercore ISI upped their target price on shares of New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, Barclays set a $52.00 target price on shares of New York Times and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Five investment 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 stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.33.

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.

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