Canada Pension Plan Investment Board Boosts Stock Holdings in The New York Times Company $NYT

Key Points

• The Canada Pension Plan Investment Board significantly increased its stake in The New York Times Company, raising its holdings by 4,041.7% to own 198,800 shares, valued at approximately $9.86 million.
• The company's quarterly earnings exceeded expectations, reporting an EPS of $0.58 against a consensus of $0.50, and revenue of $685.90 million, up 9.7% year-over-year.
• The New York Times announced a quarterly dividend of $0.18 per share, representing an annual yield of 1.2%, with a payout ratio of 37.11%.

Canada Pension Plan Investment Board increased its position in shares of The New York Times Company (NYSE:NYT - Free Report) by 4,041.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 198,800 shares of the company's stock after buying an additional 194,000 shares during the quarter. Canada Pension Plan Investment Board owned about 0.12% of New York Times worth $9,860,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. American National Bank & Trust purchased a new stake in shares of New York Times during the 1st quarter valued at approximately $45,000. WPG Advisers LLC purchased a new stake in shares of New York Times during the 1st quarter valued at approximately $60,000. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of New York Times during the 1st quarter valued at approximately $99,000. Putney Financial Group LLC purchased a new stake in shares of New York Times during the 4th quarter valued at approximately $102,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of New York Times during the 1st quarter valued at approximately $115,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insider Buying and Selling at New York Times

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NYT. Guggenheim boosted 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. Evercore ISI boosted 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 reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Morgan Stanley boosted 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 equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $60.33.

New York Times Stock Performance

Shares of New York Times stock traded down $0.19 during trading hours on Friday, reaching $59.00. 802,807 shares of the company were exchanged, compared to its average volume of 1,578,459. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $62.24. The stock's fifty day moving average is $56.71 and its 200 day moving average is $53.28. The firm has a market cap of $9.61 billion, a PE ratio of 30.41, a PEG ratio of 1.49 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.08. The firm 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 posted $0.45 earnings per share. Research analysts expect that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Wednesday, July 9th were paid 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 dividend 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.