Corebridge Financial Inc. Sells 4,402 Shares of The New York Times Company $NYT

Key Points

• Corebridge Financial Inc. reduced its stake in The New York Times Company by 2.4%, holding 180,216 shares valued at approximately $8.94 million.
• Several institutional investors increased their positions in New York Times, with the most notable being Wealth Enhancement Advisory Services LLC, which boosted its stake by 109.3% during the first quarter.
• The New York Times reported a quarterly earnings per share (EPS) of $0.58, exceeding estimates by $0.08, along with an annualized dividend of $0.72 and a yield of 1.2%.

Corebridge Financial Inc. lessened its position in The New York Times Company (NYSE:NYT - Free Report) by 2.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 180,216 shares of the company's stock after selling 4,402 shares during the quarter. Corebridge Financial Inc. owned about 0.11% of New York Times worth $8,939,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of NYT. American National Bank & Trust bought a new position in New York Times in the 1st quarter worth $45,000. Bartlett & CO. Wealth Management LLC bought a new position in New York Times in the 1st quarter worth $99,000. Putney Financial Group LLC bought a new position in New York Times in the 4th quarter worth $102,000. Meeder Asset Management Inc. bought a new position in New York Times in the 1st quarter worth $115,000. Finally, Covestor Ltd raised its holdings in New York Times by 7.9% in the 1st quarter. Covestor Ltd now owns 2,849 shares of the company's stock worth $141,000 after acquiring an additional 208 shares during the period. Institutional investors own 95.37% of the company's stock.

New York Times Stock Up 0.2%

NYSE:NYT traded up $0.13 on Friday, reaching $59.87. The stock had a trading volume of 1,582,849 shares, compared to its average volume of 2,187,278. The company has a market capitalization of $9.75 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 1.51 and a beta of 1.09. The New York Times Company has a 1-year low of $44.83 and a 1-year high of $62.24. The stock has a fifty day moving average price of $56.31 and a 200-day moving average price of $52.95.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. The firm had revenue of $685.90 million for the quarter, compared to analyst estimates 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 for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 earnings per share. Sell-side analysts predict that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Announces Dividend

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

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Citigroup restated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Evercore ISI lifted their target price on shares of New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Barclays set a $52.00 target price on shares of New York Times and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, Guggenheim lifted their target price on shares of New York Times from $55.00 to $56.00 and gave the company a "neutral" 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $60.33.

Insider Transactions at New York Times

In related news, Director David S. Perpich sold 4,000 shares of the business's stock in a transaction that occurred 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 directly owned 27,569 shares of the company's stock, valued at $1,548,826.42. The trade was a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP William Bardeen sold 5,000 shares of the business'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 transaction of $290,200.00. Following the sale, the executive vice president directly owned 11,243 shares of the company's stock, 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. Insiders own 1.90% of the company's stock.

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.