Engineers Gate Manager LP Boosts Position in The New York Times Company $NYT

Key Points

• Engineers Gate Manager LP increased its NYT stake by 832.5% in the second quarter, ending with 50,791 shares valued at approximately $3.55 million. Institutional investors collectively own 95.37% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $82.33. Price targets range from $63 to $82, while one firm recently downgraded the stock to “Hold.”
• New York Times exceeded quarterly expectations, reporting $0.69 in EPS and $762.46 million in revenue, with revenue up 11.2% year over year. The stock opened at $66.91 and currently has a market capitalization of about $10.79 billion.

Engineers Gate Manager LP raised its stake in The New York Times Company (NYSE:NYT - Free Report) by 832.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,791 shares of the company's stock after acquiring an additional 45,344 shares during the quarter. Engineers Gate Manager LP's holdings in New York Times were worth $3,554,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in NYT. NewEdge Advisors LLC grew its stake in New York Times by 248.9% in the 2nd quarter. NewEdge Advisors LLC now owns 17,377 shares of the company's stock worth $1,216,000 after acquiring an additional 12,397 shares during the period. IFP Advisors Inc grew its position in shares of New York Times by 3.9% in the second quarter. IFP Advisors Inc now owns 20,085 shares of the company's stock valued at $1,406,000 after purchasing an additional 750 shares during the period. Arizona State Retirement System grew its position in shares of New York Times by 2.5% in the second quarter. Arizona State Retirement System now owns 43,351 shares of the company's stock valued at $3,034,000 after purchasing an additional 1,069 shares during the period. Waverly Advisors LLC increased its stake in New York Times by 3.6% in the second quarter. Waverly Advisors LLC now owns 7,608 shares of the company's stock valued at $532,000 after purchasing an additional 267 shares during the last quarter. Finally, Nykredit A S acquired a new position in New York Times in the second quarter valued at $381,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NYT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on New York Times from $74.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, May 29th. Barclays dropped their target price on shares of New York Times from $66.00 to $63.00 and set an "equal weight" rating for the company in a research report on Thursday, August 6th. Zacks Research lowered shares of New York Times from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 6th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of New York Times in a research report on Friday, July 17th. Finally, UBS Group set a $75.00 price objective on shares of New York Times in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $82.33.

Key New York Times News

Here are the key news stories impacting New York Times this week:

• Positive Sentiment: Heavy coverage of the Republican convention, election maps, Obamacare rebates and other major political developments could support readership and digital engagement, particularly ahead of the U.S. midterm elections. Live Updates: Vance Assails Democrats in Fiery Speech at G.O.P. Convention
• Positive Sentiment: The Athletic’s live Champions League and NFL coverage reinforces NYT’s investment in sports journalism, which can help attract and retain subscribers through recurring, time-sensitive content. 49ers vs. Rams score, live updates
• Positive Sentiment: Practical service journalism, including possible relaxed airport liquid rules for PreCheck travelers, may support the company’s ability to generate broad consumer traffic beyond hard news. T.S.A. May Ease Liquid Rules for Passengers With PreCheck

New York Times Stock Performance

NYT stock opened at $66.91 on Monday. The New York Times Company has a 1 year low of $54.10 and a 1 year high of $87.10. The stock has a market capitalization of $10.79 billion, a price-to-earnings ratio of 27.88, a PEG ratio of 1.74 and a beta of 0.92. The stock's fifty day moving average is $69.86 and its two-hundred day moving average is $75.14.

New York Times (NYSE:NYT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.67 by $0.02. The company had revenue of $762.46 million for the quarter, compared to analyst estimates of $752.01 million. New York Times had a return on equity of 22.64% and a net margin of 13.19%.The company's quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company earned $0.58 earnings per share. As a group, analysts predict that The New York Times Company will post 2.82 EPS for the current fiscal year.

New York Times Company Profile

The New York Times Company is a media organization best known for publishing The New York Times, a global newspaper and digital news platform. Its coverage spans politics, business, technology, culture, science, health, sports and other subjects, and is distributed through print editions, NYTimes.com, mobile applications and other digital products.

The company generates revenue primarily from digital and print subscriptions, advertising, licensing and related commercial activities. Its subscription products include The New York Times, Games, Cooking and Wirecutter, while The Athletic provides digital sports journalism.

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