Burgundy Asset Management Ltd. Grows Stock Holdings in The New York Times Company $NYT

Key Points

• Burgundy Asset Management Ltd. has significantly increased its stake in The New York Times Company by 65.2%, owning 2,325,224 shares valued at approximately $115.33 million.
• Several analysts have raised their price targets for NYT stock, with Evercore ISI setting a new target of $67.00 and maintaining an "outperform" rating.
• New York Times recently reported an earnings per share (EPS) of $0.58, exceeding expectations, with quarterly revenue reaching $685.9 million, up 9.7% compared to the previous year.

Burgundy Asset Management Ltd. raised its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 65.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 2,325,224 shares of the company's stock after buying an additional 917,766 shares during the period. Burgundy Asset Management Ltd. owned about 1.42% of New York Times worth $115,331,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of New York Times by 109.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,373 shares of the company's stock valued at $1,259,000 after buying an additional 13,248 shares during the last quarter. Asset Management One Co. Ltd. purchased a new position in shares of New York Times during the 1st quarter valued at about $250,000. Centiva Capital LP raised its stake in shares of New York Times by 58.6% during the 4th quarter. Centiva Capital LP now owns 36,031 shares of the company's stock valued at $1,875,000 after buying an additional 13,311 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of New York Times by 164.0% during the 1st quarter. State of Alaska Department of Revenue now owns 49,119 shares of the company's stock valued at $2,436,000 after buying an additional 30,515 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of New York Times by 123.2% during the 1st quarter. Victory Capital Management Inc. now owns 178,956 shares of the company's stock valued at $8,876,000 after buying an additional 98,789 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

New York Times Price Performance

NYT stock traded up $0.1760 during trading on Wednesday, hitting $59.8660. The stock had a trading volume of 1,557,499 shares, compared to its average volume of 1,798,129. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $62.24. The stock has a market capitalization of $9.75 billion, a P/E ratio of 30.86, a PEG ratio of 1.49 and a beta of 1.09. The company's 50-day moving average price is $55.54 and its two-hundred day moving average price is $52.46.

New York Times (NYSE:NYT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $670.22 million. During the same period in the previous year, the firm posted $0.45 EPS. New York Times's revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts expect 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. Investors of record on Wednesday, July 9th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, July 9th. New York Times's payout ratio is presently 37.11%.

Insider Buying and Selling

In other New York Times news, EVP William Bardeen sold 5,000 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 11,243 shares of the company's stock, valued at $652,543.72. This trade represents a 30.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David S. Perpich sold 4,000 shares of the firm's 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 completion of the transaction, the director directly owned 27,569 shares in the company, valued at $1,548,826.42. This trade represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,490 shares of company stock worth $769,928. Insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Evercore ISI raised their target price on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Citigroup restated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Guggenheim raised their target price on New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Morgan Stanley raised their target price on 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. Finally, Barclays set a $52.00 target price on New York Times and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.