The New York Times Company $NYT Shares Sold by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse de Dépôt et Placement du Québec reduced its stake in The New York Times Company by 37.6% during the first quarter, now holding approximately 0.27% of the company worth $21.77 million.
• The New York Times reported a 9.7% year-over-year revenue increase, with quarterly earnings of $0.58 per share, exceeding analysts' expectations.
• Research firms have updated their price targets for New York Times stock, with Evercore ISI setting a target of $67.00 and maintaining an "outperform" rating on the stock.

Caisse DE Depot ET Placement DU Quebec cut its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 37.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 438,900 shares of the company's stock after selling 264,831 shares during the period. Caisse DE Depot ET Placement DU Quebec owned approximately 0.27% of New York Times worth $21,769,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. American National Bank & Trust acquired a new stake in shares of New York Times during the first quarter valued at about $45,000. Putney Financial Group LLC acquired a new stake in shares of New York Times during the fourth quarter valued at about $102,000. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of New York Times during the first quarter valued at about $99,000. Meeder Asset Management Inc. purchased a new position in shares of New York Times in the first quarter valued at approximately $115,000. Finally, Covestor Ltd boosted its stake in shares of New York Times by 7.9% in the first quarter. Covestor Ltd now owns 2,849 shares of the company's stock valued at $141,000 after purchasing an additional 208 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP William Bardeen sold 5,000 shares of the company'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 completion of the sale, the executive vice president owned 11,243 shares in the company, valued at $652,543.72. This represents a 30.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David S. Perpich sold 4,000 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total transaction of $224,720.00. Following the completion of the sale, the director owned 27,569 shares of the company's stock, valued at approximately $1,548,826.42. This trade represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

NYT has been the subject of several recent research reports. Barclays set a $52.00 price objective on shares of New York Times and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Evercore ISI raised their price objective on shares of New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Citigroup reissued a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Guggenheim raised their price objective on shares of New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley raised their price objective on shares of New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.33.

New York Times Price Performance

Shares of NYSE:NYT traded up $0.13 during trading on Friday, hitting $59.87. 1,582,849 shares of the company were exchanged, compared to its average volume of 2,187,278. The stock has a market capitalization of $9.75 billion, a P/E ratio of 30.86, a PEG ratio of 1.51 and a beta of 1.09. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $62.24. The firm's 50 day moving average price is $56.31 and its 200-day moving average price is $52.95.

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

New York Times Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Wednesday, July 9th. New York Times's payout ratio is currently 37.11%.

New York Times Company 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.