Bayforest Capital Ltd Boosts Holdings in The New York Times Company (NYSE:NYT)

Key Points

• Bayforest Capital Ltd significantly increased its holdings in The New York Times Company by 432.7%, owning 9,903 shares valued at approximately $491,000.
• Recent insider trading activity includes EVP William Bardeen selling 2,500 shares, representing a 13% decrease in his position, while CAO R Anthony Benten sold 1,990 shares, a 4.78% decrease.
• Wall Street analysts have generally upgraded their outlook on NYT, with a consensus rating of "Moderate Buy" and a target price of $56.40 for the stock.

Bayforest Capital Ltd increased its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 432.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,903 shares of the company's stock after buying an additional 8,044 shares during the period. Bayforest Capital Ltd's holdings in New York Times were worth $491,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. XTX Topco Ltd increased its holdings in New York Times by 129.7% during the first quarter. XTX Topco Ltd now owns 54,546 shares of the company's stock worth $2,705,000 after buying an additional 30,801 shares during the last quarter. GSA Capital Partners LLP bought a new position in New York Times during the first quarter worth about $1,260,000. Meeder Asset Management Inc. bought a new position in New York Times during the first quarter worth about $115,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in New York Times by 1.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,098 shares of the company's stock worth $2,634,000 after purchasing an additional 659 shares during the period. Finally, TD Asset Management Inc boosted its position in New York Times by 16.9% during the first quarter. TD Asset Management Inc now owns 618,000 shares of the company's stock worth $30,653,000 after purchasing an additional 89,200 shares during the period. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insider Activity

In other news, CAO R Anthony Benten sold 1,990 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the transaction, the chief accounting officer directly owned 39,685 shares in the company, valued at approximately $2,252,123.75. This trade represents a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Bardeen sold 2,500 shares of New York Times 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 sale, the executive vice president owned 16,727 shares of the company's stock, valued at approximately $950,595.41. The trade was a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,490 shares of company stock worth $479,728. 1.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NYT has been the subject of a number of research reports. Guggenheim increased their target price on shares of New York Times from $53.00 to $55.00 and gave the stock a "neutral" rating in a research report on Monday, June 2nd. Citigroup reiterated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Finally, Wall Street Zen upgraded shares of 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.40.

New York Times Trading Up 0.7%

Shares of NYT stock traded up $0.37 during trading hours on Friday, reaching $52.26. The stock had a trading volume of 1,918,758 shares, compared to its average volume of 1,724,551. The stock's fifty day simple moving average is $55.02 and its 200 day simple moving average is $52.03. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $58.16. The firm has a market capitalization of $8.52 billion, a PE ratio of 28.40, a PEG ratio of 1.41 and a beta of 1.11.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.41 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $635.91 million during the quarter, compared to analyst estimates of $634.99 million. During the same period last year, the business earned $0.31 earnings per share. New York Times's revenue was up 7.1% compared to the same quarter last year. As a group, equities research analysts anticipate that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Wednesday, July 9th. New York Times's dividend payout ratio (DPR) is 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.