The New York Times Company $NYT Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. significantly reduced its stake in The New York Times Company by 74% in the first quarter, now holding approximately $27.66 million and around 0.34% of the company's shares.
• The New York Times Company reported earnings of $0.58 per share, surpassing analysts' expectations, along with a 9.7% year-over-year revenue growth to $685.90 million.
• The company declared a quarterly dividend of $0.18 per share, reflecting an annualized dividend yield of 1.2% and a payout ratio of 37.11%.

Invesco Ltd. reduced its position in shares of The New York Times Company (NYSE:NYT - Free Report) by 74.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 557,648 shares of the company's stock after selling 1,588,100 shares during the period. Invesco Ltd. owned 0.34% of New York Times worth $27,659,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of NYT. American National Bank & Trust acquired a new stake in shares of New York Times during the 1st quarter worth about $45,000. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of New York Times during the 1st quarter worth about $99,000. Putney Financial Group LLC acquired a new stake in shares of New York Times during the 4th quarter worth about $102,000. Meeder Asset Management Inc. acquired a new stake in shares of New York Times in the first quarter worth approximately $115,000. Finally, Covestor Ltd boosted its position in shares of New York Times by 7.9% in the first quarter. Covestor Ltd now owns 2,849 shares of the company's stock worth $141,000 after acquiring an additional 208 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at New York Times

In other New York Times news, EVP William Bardeen sold 5,000 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president owned 11,243 shares in the company, valued at $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David S. Perpich sold 4,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total transaction of $224,720.00. Following the sale, the director 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. Insiders sold a total of 13,490 shares of company stock worth $769,928 over the last 90 days. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Barclays set a $52.00 target price on shares of New York Times and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Morgan Stanley raised their target price on shares of New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Guggenheim raised 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, August 7th. Finally, Evercore ISI raised 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. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

New York Times Stock Up 0.2%

Shares of NYT traded up $0.1150 during mid-day trading on Friday, reaching $59.7650. 1,411,013 shares of the stock traded hands, compared to its average volume of 2,298,475. The firm has a market cap of $9.73 billion, a price-to-earnings ratio of 30.81, a P/E/G ratio of 1.51 and a beta of 1.09. The stock has a fifty day simple moving average of $55.79 and a 200 day simple moving average of $52.60. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $685.90 million during the quarter, compared to analyst estimates 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 was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. On average, equities research analysts expect that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

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 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.