Cwm LLC Cuts Stake in The New York Times Company (NYSE:NYT)

CWM LLC lessened its stake in The New York Times Company (NYSE:NYT - Free Report) by 24.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,483 shares of the company's stock after selling 8,921 shares during the period. CWM LLC's holdings in New York Times were worth $1,363,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in New York Times by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 15,800,348 shares of the company's stock worth $822,408,000 after purchasing an additional 63,856 shares during the last quarter. Darsana Capital Partners LP grew 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 last quarter. Geode Capital Management LLC lifted its holdings in shares of New York Times by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,035,335 shares of the company's stock valued at $210,084,000 after purchasing an additional 102,519 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of New York Times by 13.3% during the 4th quarter. Renaissance Technologies LLC now owns 3,570,380 shares of the company's stock valued at $185,838,000 after acquiring an additional 418,155 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of New York Times by 0.7% during the 4th quarter. Franklin Resources Inc. now owns 3,376,517 shares of the company's stock valued at $175,748,000 after buying an additional 22,725 shares during the period. Institutional investors and hedge funds own 95.37% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Guggenheim boosted their price target on New York Times from $53.00 to $55.00 and gave the stock a "neutral" rating in a report on Monday, June 2nd. Finally, Wall Street Zen raised New York Times from a "hold" rating to a "buy" rating in a research report on Friday, April 11th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.40.

New York Times Stock Performance

Shares of NYSE:NYT traded up $0.24 during trading on Tuesday, reaching $53.51. The stock had a trading volume of 1,519,528 shares, compared to its average volume of 1,429,641. The stock has a market cap of $8.72 billion, a PE ratio of 29.08, a PEG ratio of 1.46 and a beta of 1.11. The New York Times Company has a 1-year low of $44.83 and a 1-year high of $58.16. The business has a fifty day moving average price of $55.48 and a 200-day moving average price of $52.00.

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 (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.06. New York Times had a return on equity of 18.70% and a net margin of 11.53%. The company had revenue of $635.91 million for the quarter, compared to the consensus estimate of $634.99 million. During the same period last year, the business posted $0.31 earnings per share. The firm's revenue was up 7.1% compared to the same quarter last year. Sell-side analysts expect that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 24th. Investors of record on Wednesday, July 9th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.35%. The ex-dividend date is Wednesday, July 9th. New York Times's payout ratio is presently 39.13%.

Insider Activity

In other New York Times news, EVP William Bardeen sold 2,500 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $56.83, for a total value of $142,075.00. Following the transaction, the executive vice president directly owned 16,727 shares of the company's stock, valued at $950,595.41. This represents a 13.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO R Anthony Benten sold 1,990 shares of New York Times stock in a transaction on Friday, May 30th. The shares were sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the transaction, the chief accounting officer owned 39,685 shares of the company's stock, valued at approximately $2,252,123.75. The trade was a 4.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,490 shares of company stock valued at $479,728. 1.90% of the stock is currently owned by 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.