HighTower Advisors LLC Has $920,000 Stock Holdings in The New York Times Company $NYT

Key Points

• HighTower Advisors LLC reduced its stake in The New York Times Company by 70.3%, holding 18,541 shares valued at approximately $920,000 after selling 43,929 shares in the first quarter.
• New York Times reported a net revenue increase of 9.7% year-over-year, with quarterly earnings of $0.58 per share, exceeding analysts' estimates of $0.50.
• Insiders sold a total of 13,490 shares of New York Times stock in the last ninety days, reflecting a decrease in their holdings.

HighTower Advisors LLC reduced its position in The New York Times Company (NYSE:NYT - Free Report) by 70.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 18,541 shares of the company's stock after selling 43,929 shares during the period. HighTower Advisors LLC's holdings in New York Times were worth $920,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Covestor Ltd lifted its stake in New York Times by 7.9% in the 1st quarter. Covestor Ltd now owns 2,849 shares of the company's stock valued at $141,000 after purchasing an additional 208 shares during the last quarter. Snowden Capital Advisors LLC lifted its stake in New York Times by 2.1% in the 4th quarter. Snowden Capital Advisors LLC now owns 14,648 shares of the company's stock valued at $762,000 after purchasing an additional 307 shares during the last quarter. Nia Impact Advisors LLC grew its stake in New York Times by 1.6% in the 4th quarter. Nia Impact Advisors LLC now owns 25,687 shares of the company's stock valued at $1,337,000 after buying an additional 400 shares during the last quarter. State of Michigan Retirement System grew its stake in New York Times by 1.0% in the 1st quarter. State of Michigan Retirement System now owns 39,016 shares of the company's stock valued at $1,935,000 after buying an additional 400 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in New York Times by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 45,700 shares of the company's stock valued at $2,267,000 after buying an additional 400 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other New York Times news, EVP William Bardeen sold 5,000 shares of the business's 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 transaction, the executive vice president owned 11,243 shares of the company's stock, valued at approximately $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David S. Perpich sold 4,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total value of $224,720.00. Following 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 disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NYT. Citigroup reiterated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. 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. 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. Finally, Morgan Stanley lifted their price objective on shares of New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $60.33.

New York Times Trading Up 0.2%

New York Times 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 company has a market cap of $9.75 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 1.51 and a beta of 1.09. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $62.24. The stock has a 50 day moving average of $56.31 and a two-hundred day moving average of $52.95.

New York Times (NYSE:NYT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.08. The firm 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 for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. On average, analysts expect that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $0.72 annualized dividend 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.