KLP Kapitalforvaltning AS Has $2.24 Million Stock Holdings in The New York Times Company $NYT

Key Points

• KLP Kapitalforvaltning AS reduced its holdings in The New York Times Company by 18.9%, owning 40,000 shares valued at approximately $2.24 million after selling 9,300 shares.
• Multiple hedge funds have altered their positions in NYT, with Vanguard Group Inc. increasing its stake by 1.2% and T. Rowe Price growing its position by 7.2% in the first quarter.
• The New York Times recently reported earnings of $0.58 per share, surpassing analyst expectations and showing a revenue increase of 9.7% year-over-year, with a quarterly dividend of $0.18 per share announced for shareholders.

KLP Kapitalforvaltning AS reduced its position in shares of The New York Times Company (NYSE:NYT - Free Report) by 18.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,000 shares of the company's stock after selling 9,300 shares during the period. KLP Kapitalforvaltning AS's holdings in New York Times were worth $2,239,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in NYT. Vanguard Group Inc. increased its stake in New York Times by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 15,987,404 shares of the company's stock worth $792,975,000 after acquiring an additional 187,056 shares during the period. T. Rowe Price Investment Management Inc. grew its position in New York Times by 7.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 10,392,977 shares of the company's stock worth $515,492,000 after acquiring an additional 698,433 shares during the last quarter. Baillie Gifford & Co. grew its position in New York Times by 19.0% during the 1st quarter. Baillie Gifford & Co. now owns 3,018,477 shares of the company's stock worth $149,716,000 after acquiring an additional 481,682 shares during the last quarter. Dimensional Fund Advisors LP grew its position in New York Times by 8.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,707,676 shares of the company's stock worth $134,292,000 after acquiring an additional 211,062 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in New York Times by 37.4% during the 1st quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company's stock worth $130,091,000 after buying an additional 714,317 shares during the period. 95.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on NYT. Weiss Ratings reaffirmed a "buy (b)" rating on shares of New York Times in a report on Wednesday. Barclays set a $52.00 price objective on New York Times and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Guggenheim boosted their price objective on New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Zacks Research downgraded New York Times from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Finally, Evercore ISI boosted their price objective on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, New York Times has an average rating of "Moderate Buy" and a consensus price target of $60.33.

New York Times Stock Performance

Shares of NYT opened at $54.62 on Friday. The stock has a 50 day moving average price of $58.13 and a two-hundred day moving average price of $54.84. The firm has a market capitalization of $8.89 billion, a P/E ratio of 28.15, a P/E/G ratio of 1.38 and a beta of 1.16. The New York Times Company has a 52 week low of $44.83 and a 52 week high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. The company had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. New York Times had a return on equity of 19.55% and a net margin of 11.92%.New York Times's quarterly revenue 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, equities analysts forecast that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 23rd. Shareholders of record on Wednesday, October 8th will be given a dividend of $0.18 per share. The ex-dividend date is Wednesday, October 8th. This represents a $0.72 annualized dividend and a dividend yield of 1.3%. New York Times's dividend payout ratio is currently 37.11%.

Insider Buying and Selling at New York Times

In related news, EVP William Bardeen sold 5,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total value of $290,200.00. Following the sale, the executive vice president owned 11,243 shares in the company, valued at approximately $652,543.72. This trade represents a 30.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total value of $330,220.00. Following the completion of the sale, the executive vice president owned 14,470 shares in the company, valued at $868,778.80. This trade represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

New York Times 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.

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