AlphaQuest LLC Trims Holdings in The New York Times Company $NYT

Key Points

• AlphaQuest LLC has reduced its holdings in The New York Times Company by 23.6%, currently owning 18,168 shares valued at approximately $901,000.
• Several institutional investors have acquired new stakes in the company, with hedge funds collectively owning 95.37% of the stock.
• The New York Times recently reported an earnings per share (EPS) of $0.58, surpassing analyst expectations, along with a 9.7% increase in revenue year-over-year.

AlphaQuest LLC cut its holdings in The New York Times Company (NYSE:NYT - Free Report) by 23.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,168 shares of the company's stock after selling 5,608 shares during the quarter. AlphaQuest LLC's holdings in New York Times were worth $901,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. American National Bank & Trust purchased a new stake in shares of New York Times in the 1st quarter worth about $45,000. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of New York Times in the 1st quarter worth about $99,000. Putney Financial Group LLC purchased a new stake in shares of New York Times in the 4th quarter worth about $102,000. Meeder Asset Management Inc. purchased a new stake in shares of New York Times in the 1st quarter worth about $115,000. Finally, Covestor Ltd grew its position in shares of New York Times by 7.9% in the 1st quarter. Covestor Ltd now owns 2,849 shares of the company's stock worth $141,000 after buying an additional 208 shares during the period. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at New York Times

In other New York Times news, Director David S. Perpich sold 4,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total transaction of $224,720.00. Following the transaction, the director owned 27,569 shares in the company, valued at approximately $1,548,826.42. This represents a 12.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO R Anthony Benten sold 1,990 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $56.75, for a total transaction of $112,932.50. Following the transaction, the chief accounting officer owned 39,685 shares in the company, valued at $2,252,123.75. This represents a 4.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,490 shares of company stock worth $769,928. Company insiders own 1.90% of the company's stock.

New York Times Stock Performance

NYT opened at $59.7650 on Monday. The stock has a market capitalization of $9.73 billion, a P/E ratio of 30.81, a P/E/G ratio of 1.51 and a beta of 1.09. The company's 50-day simple moving average is $55.79 and its two-hundred day simple moving average is $52.62. 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 posted its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. The business 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%. The business's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 EPS. Research analysts forecast 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 was paid on Thursday, July 24th. Shareholders of record on Wednesday, July 9th were paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, July 9th. This represents a $0.72 annualized dividend and a yield of 1.2%. New York Times's dividend payout ratio is currently 37.11%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NYT. Morgan Stanley increased their price objective 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. Guggenheim increased 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. Evercore ISI increased 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. Barclays set a $52.00 price objective on shares of New York Times and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock 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.

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