Jupiter Asset Management Ltd. Purchases 289,091 Shares of The New York Times Company (NYSE:NYT)

Key Points

• Jupiter Asset Management Ltd. increased its stake in The New York Times Company by 258.2%, owning 401,042 shares after purchasing an additional 289,091 shares, valued at approximately $19.89 million.
• Other institutional investors also raised their stakes, with Mitsubishi UFJ Asset Management boosting its holdings by 511.7%, highlighting growing interest in the company among hedge funds.
• Analysts have upgraded the stock's rating to "buy", with a consensus price target of $56.40, indicating positive outlook for The New York Times Company in the near future.

Jupiter Asset Management Ltd. lifted its position in The New York Times Company (NYSE:NYT - Free Report) by 258.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 401,042 shares of the company's stock after purchasing an additional 289,091 shares during the quarter. Jupiter Asset Management Ltd. owned 0.25% of New York Times worth $19,892,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of NYT. Wealth Enhancement Advisory Services LLC increased its position in New York Times by 109.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,373 shares of the company's stock worth $1,259,000 after purchasing an additional 13,248 shares during the period. Asset Management One Co. Ltd. acquired a new stake in New York Times in the first quarter worth about $250,000. Centiva Capital LP increased its position in New York Times by 58.6% in the fourth quarter. Centiva Capital LP now owns 36,031 shares of the company's stock worth $1,875,000 after purchasing an additional 13,311 shares during the period. State of Alaska Department of Revenue increased its position in New York Times by 164.0% in the first quarter. State of Alaska Department of Revenue now owns 49,119 shares of the company's stock worth $2,436,000 after purchasing an additional 30,515 shares during the period. Finally, Victory Capital Management Inc. increased its position in New York Times by 123.2% in the first quarter. Victory Capital Management Inc. now owns 178,956 shares of the company's stock worth $8,876,000 after purchasing an additional 98,789 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP William Bardeen sold 2,500 shares of New York Times stock in a transaction dated 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 owned 16,727 shares in the company, valued at $950,595.41. The trade was a 13.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David S. Perpich sold 4,000 shares of New York Times stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total value of $224,720.00. Following the transaction, the director owned 27,569 shares in the company, valued at $1,548,826.42. This trade represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,490 shares of company stock worth $479,728 in the last 90 days. Corporate insiders own 1.90% of the company's stock.

New York Times Stock Performance

NYT traded up $0.07 during midday trading on Tuesday, reaching $53.82. 522,955 shares of the company were exchanged, compared to its average volume of 1,719,477. The New York Times Company has a one year low of $44.83 and a one year high of $58.16. The stock has a market capitalization of $8.78 billion, a P/E ratio of 29.23, a PEG ratio of 1.43 and a beta of 1.09. The stock's 50-day simple moving average is $54.92 and its 200 day simple moving average is $52.05.

New York Times (NYSE:NYT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.06. New York Times had a return on equity of 18.70% and a net margin of 11.53%. The firm had revenue of $635.91 million for the quarter, compared to analysts' expectations of $634.99 million. During the same quarter last year, the business earned $0.31 earnings per share. The company's revenue was up 7.1% compared to the same quarter last year. On average, research analysts anticipate that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Wednesday, July 9th. New York Times's payout ratio is 39.13%.

Analyst Ratings Changes

NYT has been the subject of a number of research reports. Citigroup reiterated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Wall Street Zen upgraded New York Times from a "hold" rating to a "buy" rating in a research report on Friday, April 11th. Finally, Guggenheim lifted their price objective on New York Times from $53.00 to $55.00 and gave the stock a "neutral" rating in a research report on Monday, June 2nd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $56.40.

New York Times Company 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.