Lecap Asset Management Ltd. Sells 17,204 Shares of The New York Times Company (NYSE:NYT)

Lecap Asset Management Ltd. reduced its position in The New York Times Company (NYSE:NYT - Free Report) by 58.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,269 shares of the company's stock after selling 17,204 shares during the quarter. Lecap Asset Management Ltd.'s holdings in New York Times were worth $609,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NYT. Y Intercept Hong Kong Ltd boosted its holdings in shares of New York Times by 11.7% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 8,854 shares of the company's stock worth $461,000 after purchasing an additional 928 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of New York Times by 10.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,681,384 shares of the company's stock worth $87,516,000 after purchasing an additional 159,073 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of New York Times in the 4th quarter worth about $1,200,000. US Bancorp DE boosted its holdings in shares of New York Times by 139.5% in the 4th quarter. US Bancorp DE now owns 7,882 shares of the company's stock worth $410,000 after purchasing an additional 4,591 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of New York Times by 27.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,140 shares of the company's stock worth $60,000 after purchasing an additional 247 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wall Street Zen upgraded New York Times from a "hold" rating to a "buy" rating in a report on Friday, April 11th. Citigroup reiterated a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Finally, Guggenheim increased their target price 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 analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, New York Times currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.40.

New York Times Stock Performance

Shares of NYT stock traded down $0.29 on Friday, reaching $55.58. The stock had a trading volume of 2,364,795 shares, compared to its average volume of 1,394,666. The stock has a market cap of $9.06 billion, a P/E ratio of 30.21, a price-to-earnings-growth ratio of 1.92 and a beta of 1.13. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $58.16. The company has a 50 day simple moving average of $54.12 and a 200 day simple moving average of $51.79.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly 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. The firm had revenue of $635.91 million for the quarter, compared to the consensus estimate of $634.99 million. New York Times had a return on equity of 18.70% and a net margin of 11.53%. The company's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the business posted $0.31 EPS. On average, equities research 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 company also recently declared a quarterly dividend, which will be paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th will be paid a $0.18 dividend. The ex-dividend date is Wednesday, July 9th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.30%. New York Times's dividend payout ratio (DPR) is currently 39.13%.

Insider Activity at New York Times

In related news, CAO R Anthony Benten sold 1,990 shares of New York Times stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.75, for a total transaction of $112,932.50. Following the transaction, the chief accounting officer now directly owns 39,685 shares in the company, valued at approximately $2,252,123.75. The trade was a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 shares were sold at an average price of $56.83, for a total value of $142,075.00. Following the transaction, the executive vice president now owns 16,727 shares in the company, valued at $950,595.41. This trade represents a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,490 shares of company stock worth $479,728. Corporate insiders own 1.90% of the company's stock.

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.