The New York Times Company (NYSE:NYT) Shares Sold by LGT Group Foundation

Key Points

• LGT Group Foundation reduced its stake in The New York Times Company by 42.2%, now holding about 580,871 shares worth approximately $28.81 million.
• Several institutional investors, such as Wealth Enhancement Advisory Services LLC and Victory Capital Management Inc., have increased their positions in New York Times shares by over 100% in the first quarter.
• New York Times recently reported a 9.7% year-over-year revenue increase, alongside a quarterly profit of $0.58 per share, surpassing analysts' expectations of $0.50.

LGT Group Foundation cut its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 42.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 580,871 shares of the company's stock after selling 423,940 shares during the quarter. LGT Group Foundation owned approximately 0.36% of New York Times worth $28,811,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH boosted its position in shares of New York Times by 210.7% during the 1st quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company's stock worth $79,832,000 after acquiring an additional 1,091,430 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of New York Times by 210.5% during the fourth quarter. Squarepoint Ops LLC now owns 1,382,695 shares of the company's stock worth $71,969,000 after buying an additional 937,354 shares during the last quarter. Millennium Management LLC raised its stake in shares of New York Times by 133.6% during the fourth quarter. Millennium Management LLC now owns 1,559,837 shares of the company's stock valued at $81,190,000 after acquiring an additional 892,155 shares during the last quarter. Nuveen LLC bought a new position in shares of New York Times during the first quarter valued at $37,500,000. Finally, Darsana Capital Partners LP raised its stake in shares of New York Times by 15.0% during the fourth quarter. Darsana Capital Partners LP now owns 5,750,000 shares of the company's stock valued at $299,288,000 after acquiring an additional 750,000 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

New York Times Stock Performance

Shares of NYT traded down $0.02 during mid-day trading on Friday, reaching $60.11. The stock had a trading volume of 1,649,764 shares, compared to its average volume of 2,425,518. The firm has a market cap of $9.80 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 1.52 and a beta of 1.09. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $62.24. The business has a fifty day moving average of $55.38 and a 200 day moving average of $52.40.

New York Times (NYSE:NYT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.08. The firm 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%. New York Times's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, research analysts forecast that The New York Times Company will post 2.08 EPS 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 issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, July 9th. New York Times's dividend payout ratio is presently 37.11%.

Insiders Place Their Bets

In other news, Director David S. Perpich sold 4,000 shares of the firm's 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 sale, the director directly owned 27,569 shares in the company, valued at approximately $1,548,826.42. This trade represents a 12.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William Bardeen sold 5,000 shares of New York Times stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 of the company's stock, valued at $652,543.72. This trade represents a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,490 shares of company stock worth $769,928 in the last three months. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NYT. Morgan Stanley lifted their price objective on shares of New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Evercore ISI increased their target price on shares of New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Guggenheim increased their target price on shares of New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Citigroup restated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Finally, Barclays set a $52.00 target price on shares of New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $60.33.

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.