Harbor Capital Advisors Inc. Raises Stock Holdings in The New York Times Company $NYT

Key Points

• Harbor Capital Advisors Inc. increased its holdings in The New York Times Company by 29.2%, acquiring an additional 6,957 shares and bringing its total to 30,808 shares worth approximately $1.725 million.
• Recent price targets for New York Times shares vary, with Evercore ISI boosting its target from $60 to $67, while analysts generally maintain a "Moderate Buy" rating with an average price target of $60.33.
• The New York Times declared a quarterly dividend of $0.18 per share, translating to an annualized dividend of $0.72 and representing a yield of 1.2%.

Harbor Capital Advisors Inc. raised its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 29.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,808 shares of the company's stock after purchasing an additional 6,957 shares during the period. Harbor Capital Advisors Inc.'s holdings in New York Times were worth $1,725,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cetera Investment Advisers increased its position in New York Times by 32.9% during the 4th quarter. Cetera Investment Advisers now owns 10,929 shares of the company's stock valued at $569,000 after buying an additional 2,704 shares in the last quarter. Deutsche Bank AG grew its stake in shares of New York Times by 8.4% during the fourth quarter. Deutsche Bank AG now owns 32,449 shares of the company's stock worth $1,689,000 after acquiring an additional 2,510 shares during the last quarter. Royal Bank of Canada grew its stake in shares of New York Times by 9.8% during the fourth quarter. Royal Bank of Canada now owns 315,985 shares of the company's stock worth $16,447,000 after acquiring an additional 28,331 shares during the last quarter. Twinbeech Capital LP increased its holdings in shares of New York Times by 306.9% during the fourth quarter. Twinbeech Capital LP now owns 28,261 shares of the company's stock valued at $1,471,000 after acquiring an additional 21,316 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of New York Times by 10.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 583,539 shares of the company's stock valued at $30,373,000 after purchasing an additional 53,212 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on NYT shares. Evercore ISI boosted their target price on shares of New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Zacks Research downgraded shares of New York Times from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. 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. Guggenheim raised their target price on New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Citigroup reiterated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $60.33.

Insider Activity at New York Times

In other news, EVP William Bardeen sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total transaction of $290,200.00. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $60.04, for a total transaction of $330,220.00. Following the transaction, the executive vice president directly owned 14,470 shares of the company's stock, valued at approximately $868,778.80. This trade represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

New York Times Stock Performance

NYSE NYT traded down $0.57 on Monday, reaching $57.84. 1,668,767 shares of the company's stock traded hands, compared to its average volume of 1,426,068. The New York Times Company has a fifty-two week low of $44.83 and a fifty-two week high of $62.24. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 29.81, a P/E/G ratio of 1.47 and a beta of 1.16. The stock has a 50 day moving average price of $57.16 and a 200-day moving average price of $54.14.

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

New York Times Announces Dividend

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