FORA Capital LLC Acquires New Position in The New York Times Company $NYT

Key Points

• FORA Capital LLC has acquired a new stake in The New York Times Company, purchasing 24,917 shares valued at approximately $1.24 million.
• In the latest quarter, several hedge funds, including American National Bank & Trust and Bartlett & CO. Wealth Management, also made new investments in NYT, signifying strong institutional interest with 95.37% of shares owned by institutional investors.
• The New York Times reported a quarterly earnings per share (EPS) of $0.58, surpassing analysts' expectations and representing a 9.7% year-over-year revenue growth.

FORA Capital LLC bought a new stake in shares of The New York Times Company (NYSE:NYT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 24,917 shares of the company's stock, valued at approximately $1,236,000.

Several other institutional investors also recently bought and sold shares of NYT. Allianz Asset Management GmbH grew its stake in New York Times by 210.7% during the first quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company's stock valued at $79,832,000 after acquiring an additional 1,091,430 shares in the last quarter. Squarepoint Ops LLC grew its stake in 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 acquiring an additional 937,354 shares in the last quarter. Burgundy Asset Management Ltd. grew its stake in New York Times by 65.2% during the first quarter. Burgundy Asset Management Ltd. now owns 2,325,224 shares of the company's stock valued at $115,331,000 after acquiring an additional 917,766 shares in the last quarter. Millennium Management LLC grew its stake in 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 acquiring an additional 892,155 shares in the last quarter. Finally, Nuveen LLC purchased a new position in New York Times during the first quarter valued at $37,500,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at New York Times

In related news, Director David S. Perpich sold 4,000 shares of New York Times stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total transaction of $224,720.00. Following the completion of the transaction, the director directly owned 27,569 shares of the company's stock, valued at approximately $1,548,826.42. The trade was a 12.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction, the executive vice president directly owned 11,243 shares of the company's stock, valued at approximately $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NYT has been the subject of several research analyst reports. 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 note on Thursday, August 7th. Evercore ISI lifted their price objective on shares of New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Guggenheim lifted their price objective on shares of New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Finally, Barclays set a $52.00 price objective on shares of New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $60.33.

New York Times Trading Up 0.2%

Shares of NYT stock traded up $0.13 during trading hours on Friday, reaching $59.87. 1,582,849 shares of the stock were exchanged, compared to its average volume of 2,187,278. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $62.24. The company's 50-day moving average price is $56.31 and its 200-day moving average price is $52.95. The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of 30.86, a price-to-earnings-growth ratio of 1.51 and a beta of 1.09.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly 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. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The firm had revenue of $685.90 million during the quarter, compared to analysts' expectations of $670.22 million. During the same period in the previous year, the company earned $0.45 EPS. The firm's revenue for the quarter was up 9.7% compared to the same quarter last year. On average, sell-side analysts expect that The New York Times Company will post 2.08 EPS for the current year.

New York Times Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. New York Times's payout ratio is currently 37.11%.

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.