Cullinan Associates Inc. Increases Stake in The New York Times Company (NYSE:NYT)

Cullinan Associates Inc. increased its position in shares of The New York Times Company (NYSE:NYT - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 146,272 shares of the company's stock after buying an additional 8,815 shares during the period. Cullinan Associates Inc. owned about 0.09% of New York Times worth $7,255,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in NYT. Squarepoint Ops LLC increased its stake in shares of New York Times by 210.5% during the fourth quarter. Squarepoint Ops LLC now owns 1,382,695 shares of the company's stock valued at $71,969,000 after buying an additional 937,354 shares during the period. Millennium Management LLC increased its stake in shares of New York Times by 133.6% during the fourth quarter. Millennium Management LLC now owns 1,559,837 shares of the company's stock valued at $81,190,000 after buying an additional 892,155 shares during the period. Alliancebernstein L.P. increased its stake in shares of New York Times by 87.6% during the fourth quarter. Alliancebernstein L.P. now owns 1,908,477 shares of the company's stock valued at $99,336,000 after buying an additional 891,249 shares during the period. Darsana Capital Partners LP increased its stake in shares of New York Times by 15.0% during the fourth quarter. Darsana Capital Partners LP now owns 5,750,000 shares of the company's stock valued at $299,288,000 after buying an additional 750,000 shares during the period. Finally, Two Sigma Investments LP increased its stake in shares of New York Times by 1,605.6% during the fourth quarter. Two Sigma Investments LP now owns 719,705 shares of the company's stock valued at $37,461,000 after buying an additional 677,509 shares during the period. Hedge funds and other institutional investors own 95.37% of the company's stock.

New York Times Price Performance

NYT opened at $54.48 on Friday. The business's 50-day moving average is $53.61 and its two-hundred day moving average is $51.78. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $58.16. The firm has a market capitalization of $8.88 billion, a PE ratio of 29.61, a price-to-earnings-growth ratio of 1.89 and a beta of 1.13.

New York Times (NYSE:NYT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.06. The business had revenue of $635.91 million during the quarter, compared to the consensus estimate of $634.99 million. New York Times had a return on equity of 18.70% and a net margin of 11.53%. The company's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company earned $0.31 earnings per share. As a group, sell-side analysts expect that The New York Times Company will post 2.08 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Citigroup restated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Guggenheim lifted their target price on New York Times from $53.00 to $55.00 and gave the company a "neutral" rating in a research note on Monday, June 2nd. Finally, Wall Street Zen upgraded New York Times from a "hold" rating to a "buy" rating in a research note on Friday, April 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, New York Times currently has an average rating of "Moderate Buy" and a consensus price target of $56.40.

Insiders Place Their Bets

In other New York Times news, Director David S. Perpich sold 4,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total value of $224,720.00. Following the completion of the sale, the director now owns 27,569 shares of the company's stock, valued at approximately $1,548,826.42. This trade represents a 12.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO R Anthony Benten sold 1,990 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the sale, the chief accounting officer now directly owns 39,685 shares of the company's stock, valued at approximately $2,252,123.75. This represents a 4.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,490 shares of company stock valued at $479,728. 1.90% of the stock is currently owned by corporate insiders.

New York Times 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.

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