Envestnet Portfolio Solutions Inc. Buys 13,868 Shares of The New York Times Company $NYT

Key Points

• Envestnet Portfolio Solutions Inc. significantly increased its stake in The New York Times Company by 255.4%, acquiring an additional 13,868 shares, bringing its total holdings to 19,298 shares valued at approximately $1,080,000.
• Several institutional investors have also boosted their positions in NYT, with Acadian Asset Management increasing its stake by 383.0% and owning over 1.7 million shares worth approximately $87.5 million.
• The New York Times announced a quarterly dividend of $0.18 per share, with an ex-dividend date on October 8th, representing an annualized dividend of $0.72 and a yield of 1.3%.

Envestnet Portfolio Solutions Inc. lifted its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 255.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,298 shares of the company's stock after acquiring an additional 13,868 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in New York Times were worth $1,080,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in NYT. Acadian Asset Management LLC increased its position in shares of New York Times by 383.0% during the first quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company's stock worth $87,538,000 after acquiring an additional 1,399,865 shares in the last quarter. AQR Capital Management LLC grew its position in New York Times by 101.6% in the first quarter. AQR Capital Management LLC now owns 2,351,100 shares of the company's stock valued at $115,627,000 after purchasing an additional 1,184,729 shares in the last quarter. Allianz Asset Management GmbH grew its position in New York Times by 210.7% in the first quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company's stock valued at $79,832,000 after purchasing an additional 1,091,430 shares in the last quarter. Burgundy Asset Management Ltd. grew its position in New York Times by 65.2% in the first quarter. Burgundy Asset Management Ltd. now owns 2,325,224 shares of the company's stock valued at $115,331,000 after purchasing an additional 917,766 shares in the last quarter. Finally, Nuveen LLC bought a new position in New York Times in the first quarter valued at $37,500,000. Institutional investors own 95.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NYT shares. 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. Morgan Stanley raised their target price on shares of New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Zacks Research downgraded shares of New York Times from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of New York Times in a research report on Wednesday, October 8th. Finally, Guggenheim raised 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. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $60.33.

New York Times Price Performance

Shares of NYT opened at $56.23 on Friday. The firm has a 50-day moving average of $57.96 and a 200-day moving average of $55.04. The New York Times Company has a one year low of $44.83 and a one year high of $62.24. The company has a market cap of $9.15 billion, a PE ratio of 28.98, a price-to-earnings-growth ratio of 1.42 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The company had revenue of $685.90 million during the quarter, compared to the consensus estimate of $670.22 million. During the same quarter last year, the firm posted $0.45 EPS. The company's quarterly revenue was up 9.7% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Thursday, October 23rd. Investors of record on Wednesday, October 8th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, October 8th. This represents a $0.72 annualized dividend and a dividend yield of 1.3%. New York Times's payout ratio is presently 37.11%.

Insider Activity

In other New York Times news, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $60.04, for a total value of $330,220.00. Following the completion of the sale, the executive vice president owned 14,470 shares in the company, valued at $868,778.80. The trade was a 27.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP William Bardeen sold 5,000 shares of New York Times stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total transaction of $290,200.00. Following the completion of the sale, the executive vice president owned 11,243 shares of the company's stock, valued at $652,543.72. This trade represents a 30.78% decrease in their position. The disclosure for this sale can be found here. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.