Longboard Asset Management LP Makes New $290,000 Investment in The New York Times Company $NYT

Key Points

• Longboard Asset Management LP has acquired a new position in The New York Times Company, purchasing 5,180 shares valued at approximately $290,000, making it the 20th largest holding in their portfolio.
• Several institutional investors, including Covestor Ltd and Valueworks LLC, have increased their stakes in The New York Times, with institutional ownership now at 95.37%.
• Analysts have mixed ratings on NYT, with a consensus target price of $60.33, suggesting a "Moderate Buy," and recent price adjustments from brokerages reflecting varying outlooks.

Longboard Asset Management LP purchased a new stake in shares of The New York Times Company (NYSE:NYT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,180 shares of the company's stock, valued at approximately $290,000. New York Times makes up about 0.7% of Longboard Asset Management LP's investment portfolio, making the stock its 20th largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its holdings in New York Times by 690.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 846 shares of the company's stock valued at $42,000 after purchasing an additional 739 shares in the last quarter. American National Bank & Trust acquired a new stake in New York Times during the 1st quarter valued at $45,000. WPG Advisers LLC acquired a new stake in shares of New York Times in the 1st quarter valued at $60,000. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of New York Times in the 1st quarter valued at $99,000. Finally, Putney Financial Group LLC acquired a new stake in shares of New York Times in the 4th quarter valued at $102,000. 95.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NYT has been the subject of several research reports. Barclays set a $52.00 target price on New York Times and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Evercore ISI lifted their target price 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. Morgan Stanley lifted their target price on New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Guggenheim lifted their target price 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. Finally, Zacks Research cut New York Times from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $60.33.

New York Times Trading Down 0.1%

Shares of New York Times stock traded down $0.06 during trading on Friday, reaching $58.42. The stock had a trading volume of 3,517,105 shares, compared to its average volume of 1,320,755. The company has a market capitalization of $9.51 billion, a price-to-earnings ratio of 30.11, a P/E/G ratio of 1.47 and a beta of 1.16. The stock has a fifty day moving average price of $57.12 and a two-hundred day moving average price of $54.03. 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 issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The company had revenue of $685.90 million for the quarter, compared to analyst estimates of $670.22 million. During the same period in the previous year, the company posted $0.45 earnings per share. The company's quarterly revenue was up 9.7% compared to the same quarter last year. On average, equities analysts forecast that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Investors 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%.

Insider Activity

In related news, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was 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 in the company, valued at approximately $868,778.80. This represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction dated 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 $652,543.72. The trade was a 30.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

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.