Copeland Capital Management LLC Has $27.49 Million Position in The New York Times Company $NYT

Key Points

• Copeland Capital Management LLC increased its holdings in The New York Times Company by 16.1%, acquiring a total of 491,100 shares valued at approximately $27.49 million.
• The New York Times reported earnings of $0.58 per share for the last quarter, exceeding analysts' expectations and reflecting a 9.7% year-over-year revenue growth to $685.90 million.
• A quarterly dividend of $0.18 per share was declared, representing an annualized yield of 1.3%, with an ex-dividend date set for October 8th.

Copeland Capital Management LLC boosted its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 16.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 491,100 shares of the company's stock after buying an additional 68,130 shares during the quarter. Copeland Capital Management LLC owned approximately 0.30% of New York Times worth $27,492,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NYT. Acadian Asset Management LLC lifted its holdings in New York Times by 383.0% during the 1st quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company's stock worth $87,538,000 after buying an additional 1,399,865 shares during the period. AQR Capital Management LLC raised its stake in New York Times by 101.6% during the first quarter. AQR Capital Management LLC now owns 2,351,100 shares of the company's stock worth $115,627,000 after buying an additional 1,184,729 shares during the last quarter. Allianz Asset Management GmbH raised its stake in New York Times by 210.7% during the first quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company's stock worth $79,832,000 after buying an additional 1,091,430 shares during the last quarter. Burgundy Asset Management Ltd. raised its stake in New York Times by 65.2% during the first quarter. Burgundy Asset Management Ltd. now owns 2,325,224 shares of the company's stock worth $115,331,000 after buying an additional 917,766 shares during the last quarter. Finally, Nuveen LLC bought a new position in New York Times during the first quarter worth $37,500,000. 95.37% of the stock is owned by institutional investors and hedge funds.

New York Times Stock Performance

NYT stock opened at $55.61 on Friday. The stock's 50 day simple moving average is $57.74 and its 200 day simple moving average is $54.53. The New York Times Company has a fifty-two week low of $44.83 and a fifty-two week high of $62.24. The company has a market cap of $9.05 billion, a P/E ratio of 28.66, a price-to-earnings-growth ratio of 1.40 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $685.90 million for the quarter, compared to the consensus estimate of $670.22 million. During the same period in the prior year, the business earned $0.45 EPS. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. Equities analysts predict that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 23rd. Investors of record on Wednesday, October 8th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, October 8th. New York Times's dividend payout ratio is 37.11%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NYT. Guggenheim lifted their target price on shares of New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Evercore ISI boosted their price objective on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Barclays set a $52.00 price objective on New York Times and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Finally, Zacks Research downgraded New York Times from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $60.33.

Insider Buying and Selling

In related news, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total transaction of $330,220.00. Following the transaction, the executive vice president directly owned 14,470 shares of the company's stock, valued at approximately $868,778.80. This represents a 27.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 in the company, valued at approximately $652,543.72. This trade represents a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

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.

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