Fuller & Thaler Asset Management Inc. Invests $3.95 Million in The New York Times Company $NYT

Key Points

• Fuller & Thaler Asset Management Inc. has invested approximately $3.95 million in The New York Times Company, acquiring 79,659 shares in the first quarter.
• The New York Times reported earnings of $0.58 per share for the last quarter, exceeding expectations and marking a 9.7% revenue increase year-over-year.
• The company recently declared a quarterly dividend of $0.18, yielding an annualized rate of 1.2%, with a dividend payout ratio of 37.11%.

Fuller & Thaler Asset Management Inc. purchased a new position in shares of The New York Times Company (NYSE:NYT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 79,659 shares of the company's stock, valued at approximately $3,951,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NYT. Allianz Asset Management GmbH boosted its position 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 worth $79,832,000 after acquiring an additional 1,091,430 shares during the last quarter. Squarepoint Ops LLC boosted its position 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 worth $71,969,000 after acquiring an additional 937,354 shares during the last quarter. Burgundy Asset Management Ltd. boosted its position 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 worth $115,331,000 after acquiring an additional 917,766 shares during the last quarter. Millennium Management LLC grew its holdings in shares of New York Times by 133.6% in the fourth quarter. Millennium Management LLC now owns 1,559,837 shares of the company's stock valued at $81,190,000 after purchasing an additional 892,155 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of New York Times in the first quarter valued at about $37,500,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NYT has been the subject of a number of analyst reports. Barclays set a $52.00 price objective on shares of New York Times and gave the company an "equal weight" rating in a report on Thursday, August 7th. Morgan Stanley upped their price objective on shares of New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Evercore ISI upped their price objective on shares of New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Guggenheim upped their price objective on shares of New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and three 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 a consensus target price of $60.33.

Insider Activity

In other news, CAO R Anthony Benten sold 1,990 shares of the business's stock in a transaction that occurred 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 sale, the chief accounting officer directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the 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 sale, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. This represents a 30.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,490 shares of company stock valued at $769,928. Company insiders own 1.90% of the company's stock.

New York Times Stock Performance

Shares of New York Times stock traded down $0.1730 on Monday, reaching $59.6170. The company had a trading volume of 571,821 shares, compared to its average volume of 1,785,435. The firm's 50 day moving average price is $55.79 and its two-hundred day moving average price is $52.62. The firm has a market cap of $9.71 billion, a PE ratio of 30.73, a PEG ratio of 1.51 and a beta of 1.09. The New York Times Company has a 52-week low of $44.83 and a 52-week high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. The business had revenue of $685.90 million for the quarter, compared to the consensus estimate of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The business's revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 EPS. As a group, sell-side analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Dividend Announcement

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

New York Times Company 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.