LGT Fund Management Co Ltd. Has $5.60 Million Position in The New York Times Company $NYT

Key Points

• LGT Fund Management Co Ltd. reduced its stake in The New York Times Company by 41% during the second quarter, resulting in ownership of 100,049 shares valued at $5.60 million.
• The New York Times reported an earnings per share (EPS) of $0.58 for its most recent quarter, exceeding analysts' expectations by $0.08 and marking a 9.7% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.18 per share, with an annualized yield of 1.3% and a payout ratio of 37.11%.

LGT Fund Management Co Ltd. reduced its position in shares of The New York Times Company (NYSE:NYT - Free Report) by 41.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,049 shares of the company's stock after selling 69,617 shares during the quarter. LGT Fund Management Co Ltd. owned 0.06% of New York Times worth $5,601,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Copeland Capital Management LLC increased its stake in shares of New York Times by 16.1% in the second quarter. Copeland Capital Management LLC now owns 491,100 shares of the company's stock worth $27,492,000 after acquiring an additional 68,130 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of New York Times by 127.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,058 shares of the company's stock worth $1,011,000 after acquiring an additional 10,115 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of New York Times by 49.9% in the second quarter. Robeco Institutional Asset Management B.V. now owns 195,724 shares of the company's stock worth $10,957,000 after acquiring an additional 65,175 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of New York Times in the second quarter worth $380,000. Finally, Diversified Enterprises LLC acquired a new position in shares of New York Times in the second quarter worth $211,000. 95.37% of the stock is owned by institutional investors and hedge funds.

New York Times Price Performance

New York Times stock opened at $55.63 on Friday. The company has a market capitalization of $9.06 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 1.40 and a beta of 1.16. The New York Times Company has a one year low of $44.83 and a one year high of $62.24. The company's fifty day moving average price is $57.80 and its two-hundred day moving average price is $54.58.

New York Times (NYSE:NYT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.50 by $0.08. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The firm had revenue of $685.90 million for the quarter, compared to the consensus estimate of $670.22 million. During the same period in the prior year, the business posted $0.45 earnings per share. The business's quarterly revenue was up 9.7% on a year-over-year basis. As a group, sell-side analysts anticipate that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Dividend Announcement

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

Insider Transactions at New York Times

In other New York Times news, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction dated 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 directly owned 11,243 shares in the company, valued at $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $60.04, for a total transaction of $330,220.00. Following the sale, the executive vice president owned 14,470 shares of the company's stock, valued at $868,778.80. This trade represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

NYT has been the topic of a number of research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of New York Times in a research note on Saturday, September 27th. Barclays set a $52.00 price target on shares of New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Guggenheim upped their price target on shares of New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Finally, Evercore ISI increased 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. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, New York Times has an average rating of "Moderate Buy" and a consensus price target of $60.33.

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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