ING Groep NV Makes New Investment in The New York Times Company (NYSE:NYT)

Key Points

• ING Groep NV has established a new position in The New York Times Company, acquiring 41,300 shares valued at approximately $2,048,000 during the first quarter.
• Several hedge funds, including Wealth Enhancement Advisory Services LLC and Victory Capital Management Inc., significantly increased their stakes in The New York Times, reflecting a growing institutional interest in the company.
• The New York Times recently reported an EPS of $0.41 for the latest quarter, surpassing analyst expectations, while also announcing a quarterly dividend of $0.18 per share, representing an annualized yield of 1.3%.

ING Groep NV purchased a new stake in shares of 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 fund purchased 41,300 shares of the company's stock, valued at approximately $2,048,000.

Other large investors have also added to or reduced their stakes in the company. LPL Financial LLC grew its stake in shares of New York Times by 11.7% during the 4th quarter. LPL Financial LLC now owns 8,164 shares of the company's stock worth $425,000 after acquiring an additional 858 shares during the period. Norges Bank bought a new stake in New York Times during the 4th quarter valued at $13,823,000. Wells Fargo & Company MN lifted its position in shares of New York Times by 2.0% during the fourth quarter. Wells Fargo & Company MN now owns 184,338 shares of the company's stock worth $9,595,000 after acquiring an additional 3,701 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in New York Times by 4.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 156,592 shares of the company's stock valued at $8,151,000 after buying an additional 6,501 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in New York Times by 142.9% during the 4th quarter. Russell Investments Group Ltd. now owns 273,322 shares of the company's stock worth $14,229,000 after acquiring an additional 160,788 shares during the period. Institutional investors own 95.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NYT shares. 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 report on Thursday. Guggenheim lifted their target price on shares of New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research report on Thursday. Citigroup restated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Wall Street Zen raised New York Times from a "hold" rating to a "buy" rating in a research note on Friday, April 11th. Finally, Barclays set a $52.00 target price on New York Times and gave the company an "equal weight" rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, New York Times has a consensus rating of "Moderate Buy" and a consensus price target of $59.00.

Insider Buying and Selling at New York Times

In other news, Director David S. Perpich sold 4,000 shares of New York Times stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total value of $224,720.00. Following the completion of the transaction, the director owned 27,569 shares in the company, valued at approximately $1,548,826.42. The trade was a 12.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Bardeen sold 2,500 shares of New York Times stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.83, for a total transaction of $142,075.00. Following the transaction, the executive vice president directly owned 16,727 shares of the company's stock, valued at $950,595.41. The trade was a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,490 shares of company stock worth $479,728 over the last ninety days. Company insiders own 1.90% of the company's stock.

New York Times Stock Down 6.2%

NYT stock traded down $3.86 during midday trading on Thursday, hitting $58.09. The company's stock had a trading volume of 4,174,261 shares, compared to its average volume of 2,186,367. The company has a 50 day moving average of $55.05 and a two-hundred day moving average of $52.17. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $62.24. The firm has a market capitalization of $9.47 billion, a price-to-earnings ratio of 29.94, a price-to-earnings-growth ratio of 1.69 and a beta of 1.09.

New York Times (NYSE:NYT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, beating 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 19.68%. The firm had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. During the same period last year, the firm posted $0.45 earnings per share. New York Times's revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts anticipate that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Wednesday, July 9th were given a dividend of $0.18 per share. The ex-dividend date was Wednesday, July 9th. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. New York Times's dividend payout ratio is 39.13%.

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.