Bank of America Corp DE Sells 51,446 Shares of The New York Times Company (NYSE:NYT)

Bank of America Corp DE trimmed its position in The New York Times Company (NYSE:NYT - Free Report) by 11.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 415,689 shares of the company's stock after selling 51,446 shares during the period. Bank of America Corp DE owned 0.25% of New York Times worth $21,637,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in NYT. Baillie Gifford & Co. grew its position in New York Times by 228.3% during the fourth quarter. Baillie Gifford & Co. now owns 2,536,795 shares of the company's stock worth $132,040,000 after buying an additional 1,764,078 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of New York Times by 87.6% during the fourth quarter. Alliancebernstein L.P. now owns 1,908,477 shares of the company's stock worth $99,336,000 after purchasing an additional 891,249 shares in the last quarter. Darsana Capital Partners LP increased its position in shares of New York Times by 15.0% in the fourth quarter. Darsana Capital Partners LP now owns 5,750,000 shares of the company's stock worth $299,288,000 after purchasing an additional 750,000 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in New York Times by 497.1% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 703,731 shares of the company's stock valued at $36,629,000 after purchasing an additional 585,871 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its position in New York Times by 11,158.7% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 467,236 shares of the company's stock valued at $24,320,000 after purchasing an additional 463,086 shares during the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

New York Times Stock Down 1.2%

Shares of NYT opened at $55.29 on Tuesday. The stock has a market capitalization of $9.02 billion, a P/E ratio of 31.06, a PEG ratio of 1.75 and a beta of 1.16. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $58.16. The firm has a fifty day simple moving average of $50.20 and a two-hundred day simple moving average of $51.54.

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. The company had revenue of $635.91 million for the quarter, compared to analysts' expectations of $634.99 million. New York Times had a return on equity of 18.51% and a net margin of 11.36%. New York Times's quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.31 earnings per share. Sell-side analysts expect that The New York Times Company will post 2.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NYT. Guggenheim raised their price objective on shares of New York Times from $52.00 to $53.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Morgan Stanley reduced their price objective on New York Times from $56.00 to $54.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 6th. Finally, StockNews.com upgraded 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 three have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $56.00.

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.

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