Cullinan Associates Inc. Buys 5,884 Shares of The New York Times Company $NYT

Key Points

• Cullinan Associates Inc. increased its stake in The New York Times Company by 4.0% during the second quarter, acquiring 5,884 shares and bringing its total ownership to 152,156 shares valued at approximately $8.5 million.
• The New York Times announced a quarterly dividend of $0.18 per share, set to be paid on October 23rd, representing a 1.3% dividend yield and a payout ratio of 37.11%.
• Analysts maintain a consensus rating of "Moderate Buy" for NYT stock, with five analysts rating it as a buy and an average price target of $60.33.

Cullinan Associates Inc. lifted its position in The New York Times Company (NYSE:NYT - Free Report) by 4.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,156 shares of the company's stock after buying an additional 5,884 shares during the quarter. Cullinan Associates Inc. owned about 0.09% of New York Times worth $8,518,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of New York Times by 4,367.1% in the 1st quarter. GAMMA Investing LLC now owns 112,840 shares of the company's stock valued at $5,597,000 after acquiring an additional 110,314 shares during the period. Merit Financial Group LLC acquired a new stake in New York Times in the 1st quarter valued at about $703,000. Pallas Capital Advisors LLC bought a new position in New York Times during the first quarter worth about $526,000. Harbor Capital Advisors Inc. bought a new position in New York Times during the first quarter worth about $1,183,000. Finally, Fifth Third Bancorp increased its position in New York Times by 13.3% during the first quarter. Fifth Third Bancorp now owns 12,450 shares of the company's stock worth $618,000 after buying an additional 1,460 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NYT shares. Citigroup reaffirmed a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Evercore ISI raised their price target on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Weiss Ratings reiterated a "buy (b)" rating on shares of New York Times in a report on Saturday, September 27th. Zacks Research cut shares of New York Times from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Finally, Morgan Stanley upped their price target 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. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.33.

New York Times Stock Up 0.1%

NYT stock opened at $55.63 on Monday. The company's 50-day moving average price is $57.80 and its two-hundred day moving average price is $54.66. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $62.24. The firm has a market cap of $9.06 billion, a P/E ratio of 28.68, a P/E/G ratio of 1.40 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last posted 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 analysts' expectations of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The business's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. Equities analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Dividend Announcement

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

Insider Buying and Selling at New York Times

In related news, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $60.04, for a total transaction of $330,220.00. Following the completion of the transaction, the executive vice president owned 14,470 shares of the company's stock, valued at $868,778.80. This trade represents a 27.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William Bardeen sold 5,000 shares of the business'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 in the company, valued at approximately $652,543.72. The trade was 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.

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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