California State Teachers Retirement System Has $886.76 Million Stake in The New York Times Company $NYT

Key Points

• CalSTRS increased its New York Times stake by 6,931.8% in the second quarter, acquiring 12.49 million additional shares. It now owns 12.67 million shares, valued at approximately $886.76 million, or 7.86% of the company.
• New York Times reported quarterly revenue of $762.46 million, up 11.2% year over year, and earnings per share of $0.69, exceeding analysts’ expectations.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $82.33, despite several firms maintaining neutral or equal-weight ratings.

California State Teachers Retirement System grew its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 6,931.8% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 12,671,559 shares of the company's stock after acquiring an additional 12,491,356 shares during the quarter. California State Teachers Retirement System owned about 7.86% of New York Times worth $886,756,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Basecamp Wealth Advisors LLC boosted its holdings in New York Times by 1,191.7% in the first quarter. Basecamp Wealth Advisors LLC now owns 310 shares of the company's stock valued at $26,000 after acquiring an additional 286 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of New York Times in the fourth quarter valued at $32,000. Larson Financial Group LLC grew its holdings in New York Times by 59.6% during the 3rd quarter. Larson Financial Group LLC now owns 656 shares of the company's stock valued at $38,000 after buying an additional 245 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of New York Times by 690.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 846 shares of the company's stock valued at $42,000 after acquiring an additional 739 shares in the last quarter. Finally, SJS Investment Consulting Inc. raised its stake in shares of New York Times by 313.9% during the first quarter. SJS Investment Consulting Inc. now owns 567 shares of the company's stock worth $47,000 after acquiring an additional 430 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Key Stories Impacting New York Times

Here are the key news stories impacting New York Times this week:

• Positive Sentiment: Heavy coverage of the Republican convention, election maps, Obamacare rebates and other major political developments could support readership and digital engagement, particularly ahead of the U.S. midterm elections. Live Updates: Vance Assails Democrats in Fiery Speech at G.O.P. Convention
• Positive Sentiment: The Athletic’s live Champions League and NFL coverage reinforces NYT’s investment in sports journalism, which can help attract and retain subscribers through recurring, time-sensitive content. 49ers vs. Rams score, live updates
• Positive Sentiment: Practical service journalism, including possible relaxed airport liquid rules for PreCheck travelers, may support the company’s ability to generate broad consumer traffic beyond hard news. T.S.A. May Ease Liquid Rules for Passengers With PreCheck

New York Times Stock Up 0.0%

NYT stock opened at $66.91 on Monday. The business has a 50 day moving average price of $69.86 and a 200 day moving average price of $75.14. The stock has a market cap of $10.79 billion, a price-to-earnings ratio of 27.88, a PEG ratio of 1.74 and a beta of 0.92. The New York Times Company has a fifty-two week low of $54.10 and a fifty-two week high of $87.10.

New York Times (NYSE:NYT - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.67 by $0.02. New York Times had a net margin of 13.19% and a return on equity of 22.64%. The business had revenue of $762.46 million during the quarter, compared to analysts' expectations of $752.01 million. During the same period in the prior year, the company earned $0.58 earnings per share. The business's revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that The New York Times Company will post 2.82 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wall Street Zen lowered New York Times from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Citigroup restated a "neutral" rating on shares of New York Times in a report on Wednesday, June 24th. Weiss Ratings restated a "buy (b)" rating on shares of New York Times in a research note on Friday, July 17th. Bank of America cut their price objective on shares of New York Times from $87.00 to $80.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 24th. Finally, Barclays decreased their price target on shares of New York Times from $66.00 to $63.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, New York Times currently has an average rating of "Moderate Buy" and a consensus target price of $82.33.

New York Times Company Profile

The New York Times Company is a media organization best known for publishing The New York Times, a global newspaper and digital news platform. Its coverage spans politics, business, technology, culture, science, health, sports and other subjects, and is distributed through print editions, NYTimes.com, mobile applications and other digital products.

The company generates revenue primarily from digital and print subscriptions, advertising, licensing and related commercial activities. Its subscription products include The New York Times, Games, Cooking and Wirecutter, while The Athletic provides digital sports journalism.

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