Baillie Gifford & Co. Grows Stock Holdings in The New York Times Company (NYSE:NYT)

Key Points

• Baillie Gifford & Co. increased its stake in The New York Times Company by 19.0%, now owning 3,018,477 shares worth approximately $149.7 million.
• Wall Street analysts have generally positive outlooks for NYT, with three analysts giving it a hold rating and four assigning a buy rating, resulting in an average target price of $56.40.
• The New York Times Company recently announced a quarterly dividend of $0.18 per share, reflecting an annualized yield of 1.37%.

Baillie Gifford & Co. raised its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 19.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,018,477 shares of the company's stock after purchasing an additional 481,682 shares during the period. Baillie Gifford & Co. owned approximately 1.85% of New York Times worth $149,716,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. KLP Kapitalforvaltning AS grew its position in shares of New York Times by 3.4% during the first quarter. KLP Kapitalforvaltning AS now owns 49,300 shares of the company's stock valued at $2,445,000 after purchasing an additional 1,600 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of New York Times by 10.5% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 332,479 shares of the company's stock valued at $16,491,000 after purchasing an additional 31,637 shares in the last quarter. Y Intercept Hong Kong Ltd grew its position in shares of New York Times by 51.6% during the first quarter. Y Intercept Hong Kong Ltd now owns 13,425 shares of the company's stock valued at $666,000 after purchasing an additional 4,571 shares in the last quarter. Allianz Asset Management GmbH grew its position in New York Times by 210.7% in the first quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company's stock worth $79,832,000 after acquiring an additional 1,091,430 shares in the last quarter. Finally, IFP Advisors Inc grew its position in New York Times by 8.2% in the first quarter. IFP Advisors Inc now owns 37,186 shares of the company's stock worth $1,844,000 after acquiring an additional 2,818 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NYT shares. Guggenheim boosted their target price on New York Times from $53.00 to $55.00 and gave the company a "neutral" rating in a research report on Monday, June 2nd. Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Finally, Wall Street Zen raised New York Times from a "hold" rating to a "buy" rating in a research report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.40.

Insider Buying and Selling at New York Times

In other news, EVP William Bardeen sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $56.83, for a total transaction of $142,075.00. Following the completion of the sale, the executive vice president owned 16,727 shares in the company, valued at $950,595.41. This trade represents a 13.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David S. Perpich sold 4,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total transaction of $224,720.00. Following the transaction, the director directly owned 27,569 shares of the company's stock, valued at $1,548,826.42. The trade was a 12.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,490 shares of company stock worth $479,728. Insiders own 1.90% of the company's stock.

New York Times Price Performance

NYSE:NYT traded up $0.07 during mid-day trading on Wednesday, hitting $52.07. The company's stock had a trading volume of 602,880 shares, compared to its average volume of 1,712,290. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $58.16. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 1.42 and a beta of 1.11. The business's fifty day moving average is $55.14 and its two-hundred day moving average is $52.03.

New York Times (NYSE:NYT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.06. New York Times had a net margin of 11.53% and a return on equity of 18.70%. The business had revenue of $635.91 million for the quarter, compared to analyst estimates of $634.99 million. During the same period in the prior year, the company posted $0.31 EPS. The company's revenue for the quarter was up 7.1% on a year-over-year basis. Analysts anticipate that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

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 $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend was Wednesday, July 9th. New York Times's dividend payout ratio is presently 39.13%.

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.