Bayforest Capital Ltd Buys 8,044 Shares of The New York Times Company $NYT

Key Points

• Bayforest Capital Ltd significantly increased its holdings in The New York Times Company by 432.7%, now owning nearly 10,000 shares valued at approximately $491,000.
• Wall Street analysts are optimistic about the company's future, with a consensus rating of "Moderate Buy" and an average target price of $60.33.
• The New York Times Company reported strong quarterly earnings, with earnings per share of $0.58, exceeding expectations and indicating a 9.7% year-over-year revenue growth.

Bayforest Capital Ltd grew its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 432.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 9,903 shares of the company's stock after acquiring an additional 8,044 shares during the quarter. Bayforest Capital Ltd's holdings in New York Times were worth $491,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in New York Times by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 15,987,404 shares of the company's stock worth $792,975,000 after acquiring an additional 187,056 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in New York Times by 7.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 10,392,977 shares of the company's stock worth $515,492,000 after acquiring an additional 698,433 shares during the period. Baillie Gifford & Co. boosted its position in New York Times by 19.0% during the 1st quarter. Baillie Gifford & Co. now owns 3,018,477 shares of the company's stock worth $149,716,000 after acquiring an additional 481,682 shares during the period. Dimensional Fund Advisors LP boosted its position in New York Times by 8.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,707,676 shares of the company's stock worth $134,292,000 after acquiring an additional 211,062 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of New York Times by 37.4% in the first quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company's stock valued at $130,091,000 after buying an additional 714,317 shares during the period. Institutional investors and hedge funds own 95.37% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on NYT shares. Zacks Research lowered New York Times from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Evercore ISI upped their target price on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Morgan Stanley upped their target price on New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Guggenheim upped their target price on New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Finally, Barclays set a $52.00 target price on New York Times and gave the company an "equal weight" rating in a report on Thursday, August 7th. Four 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.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.33.

Insiders Place Their Bets

In related news, EVP Jacqueline M. Welch sold 5,500 shares of the firm's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total transaction of $330,220.00. Following the completion of the sale, the executive vice president directly owned 14,470 shares of the company's stock, valued at $868,778.80. This trade represents a 27.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the sale, the executive vice president directly owned 11,243 shares of the company's stock, valued at $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.90% of the company's stock.

New York Times Stock Up 0.8%

Shares of NYT stock traded up $0.49 during mid-day trading on Monday, reaching $59.42. The stock had a trading volume of 245,260 shares, compared to its average volume of 1,750,674. The firm's 50 day simple moving average is $56.88 and its 200 day simple moving average is $53.68. The New York Times Company has a one year low of $44.83 and a one year high of $62.24. The firm has a market cap of $9.68 billion, a PE ratio of 30.60, a P/E/G ratio of 1.49 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.08. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The company had revenue of $685.90 million during the quarter, compared to the consensus estimate of $670.22 million. During the same quarter last year, the company earned $0.45 EPS. The company's quarterly revenue was up 9.7% on a year-over-year basis. Sell-side analysts forecast that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 9th. New York Times's dividend payout ratio (DPR) is currently 37.11%.

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.