Intech Investment Management LLC Lowers Stock Position in The New York Times Company $NYT

Key Points

• Intech Investment Management LLC reduced its stake in The New York Times Company by 24.2% during the first quarter, owning approximately 93,661 shares after selling 29,939 shares.
• The New York Times Company reported earnings of $0.58 per share for the last quarter, exceeding analysts' expectations of $0.50, alongside a revenue of $685.90 million.
• The company declared a quarterly dividend of $0.18 per share, resulting in an annualized dividend yield of 1.2% with a dividend payout ratio of 37.11%.

Intech Investment Management LLC lessened its holdings in The New York Times Company (NYSE:NYT - Free Report) by 24.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 93,661 shares of the company's stock after selling 29,939 shares during the period. Intech Investment Management LLC owned 0.06% of New York Times worth $4,646,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. American National Bank & Trust purchased a new position in shares of New York Times during the 1st quarter valued at about $45,000. WPG Advisers LLC purchased a new position in New York Times in the 1st quarter worth $60,000. Bartlett & CO. Wealth Management LLC purchased a new position in shares of New York Times in the first quarter worth about $99,000. Putney Financial Group LLC purchased a new position in shares of New York Times in the fourth quarter worth about $102,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of New York Times in the first quarter worth about $115,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Guggenheim lifted their price target 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. Evercore ISI lifted 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 note on Friday, August 8th. Citigroup reaffirmed a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Zacks Research cut shares of New York Times from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Finally, Barclays set a $52.00 price objective on shares of New York Times and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, New York Times presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.33.

New York Times Stock Up 0.1%

Shares of NYSE NYT traded up $0.04 during trading on Thursday, reaching $58.52. 446,537 shares of the company traded hands, compared to its average volume of 1,745,651. The New York Times Company has a 52-week low of $44.83 and a 52-week high of $62.24. The firm has a 50 day simple moving average of $57.03 and a 200-day simple moving average of $53.82. The stock has a market capitalization of $9.53 billion, a PE ratio of 30.17, a P/E/G ratio of 1.47 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) 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 analysts' expectations of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The firm's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the company posted $0.45 earnings per share. As a group, research analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Announces Dividend

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

Insider Buying and Selling

In related 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 value of $290,200.00. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction 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 transaction, the executive vice president owned 14,470 shares in the company, valued at $868,778.80. This represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.90% of the company's stock.

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.