Hawk Ridge Capital Management LP Invests $4.33 Million in The New York Times Company $NYT

Key Points

• Hawk Ridge Capital Management LP acquired 87,300 shares of The New York Times Company, amounting to approximately $4,330,000, and now holds about 0.05% of its stock.
• The New York Times reported a quarterly EPS of $0.58, exceeding analysts' expectations of $0.50, with revenue of $685.90 million, up 9.7% year-over-year.
• The company announced a quarterly dividend of $0.18, which reflects an annual dividend yield of 1.2% with a payout ratio of 37.11%.

Hawk Ridge Capital Management LP bought a new position in The New York Times Company (NYSE:NYT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 87,300 shares of the company's stock, valued at approximately $4,330,000. Hawk Ridge Capital Management LP owned about 0.05% of New York Times at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in New York Times by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 15,987,404 shares of the company's stock worth $792,975,000 after acquiring an additional 187,056 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in New York Times by 7.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 10,392,977 shares of the company's stock worth $515,492,000 after acquiring an additional 698,433 shares during the last quarter. Baillie Gifford & Co. raised its stake in New York Times by 19.0% in the 1st quarter. Baillie Gifford & Co. now owns 3,018,477 shares of the company's stock worth $149,716,000 after acquiring an additional 481,682 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in New York Times by 8.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,707,676 shares of the company's stock worth $134,292,000 after acquiring an additional 211,062 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in New York Times by 37.4% in the 1st quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company's stock worth $130,091,000 after acquiring an additional 714,317 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Activity at New York Times

In other New York Times news, EVP Jacqueline M. Welch sold 5,500 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total transaction of $330,220.00. Following the completion of the sale, the executive vice president directly owned 14,470 shares in the company, valued at approximately $868,778.80. The trade was a 27.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total value of $290,200.00. Following the sale, the executive vice president owned 11,243 shares of the company's stock, valued at approximately $652,543.72. This trade 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.

New York Times Stock Down 0.2%

Shares of NYSE:NYT traded down $0.15 during trading on Monday, reaching $58.85. 1,433,132 shares of the company's stock traded hands, compared to its average volume of 1,770,468. The New York Times Company has a fifty-two week low of $44.83 and a fifty-two week high of $62.24. The company has a 50-day simple moving average of $56.71 and a 200-day simple moving average of $53.31. The firm has a market cap of $9.58 billion, a PE ratio of 30.33, a P/E/G ratio of 1.49 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.50 by $0.08. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The company had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. During the same period in the previous year, the business earned $0.45 EPS. New York Times's quarterly revenue was up 9.7% on a year-over-year basis. On average, equities research analysts forecast that The New York Times Company will post 2.08 EPS for the current year.

New York Times Dividend Announcement

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

New York Times 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.