Merit Financial Group LLC Invests $703,000 in The New York Times Company (NYSE:NYT)

Merit Financial Group LLC purchased a new position in The New York Times Company (NYSE:NYT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 14,173 shares of the company's stock, valued at approximately $703,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brown Financial Advisors raised its holdings in shares of New York Times by 2.3% in the 4th quarter. Brown Financial Advisors now owns 8,996 shares of the company's stock valued at $468,000 after purchasing an additional 200 shares in the last quarter. Bessemer Group Inc. raised its stake in New York Times by 12.6% in the fourth quarter. Bessemer Group Inc. now owns 1,895 shares of the company's stock worth $99,000 after buying an additional 212 shares in the last quarter. IFP Advisors Inc raised its stake in New York Times by 0.7% in the fourth quarter. IFP Advisors Inc now owns 34,368 shares of the company's stock worth $1,789,000 after buying an additional 224 shares in the last quarter. Natixis Advisors LLC lifted its holdings in New York Times by 1.2% during the fourth quarter. Natixis Advisors LLC now owns 19,187 shares of the company's stock worth $999,000 after buying an additional 228 shares during the period. Finally, Smartleaf Asset Management LLC boosted its position in New York Times by 27.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,140 shares of the company's stock valued at $60,000 after acquiring an additional 247 shares in the last quarter. Institutional investors own 95.37% of the company's stock.

New York Times Price Performance

New York Times stock opened at $55.85 on Monday. The stock has a market capitalization of $9.11 billion, a PE ratio of 31.37, a price-to-earnings-growth ratio of 1.75 and a beta of 1.13. The business has a 50 day simple moving average of $52.11 and a 200-day simple moving average of $51.72. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $58.16.

New York Times (NYSE:NYT - Get Free Report) last issued 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 analyst estimates of $634.99 million. New York Times had a return on equity of 18.51% and a net margin of 11.36%. The business's revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 earnings per share. On average, equities research analysts anticipate that The New York Times Company will post 2.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP William Bardeen sold 2,500 shares of New York Times stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $56.83, for a total transaction of $142,075.00. Following the sale, the executive vice president now owns 16,727 shares of the company's stock, valued at approximately $950,595.41. The trade was a 13.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David S. Perpich sold 4,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total transaction of $224,720.00. Following the completion of the transaction, the director now owns 27,569 shares in the company, valued at approximately $1,548,826.42. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,490 shares of company stock valued at $479,728. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wall Street Zen upgraded shares of New York Times from a "hold" rating to a "buy" rating in a research note on Friday, April 11th. Guggenheim lifted their price target on shares of New York Times from $53.00 to $55.00 and gave the stock a "neutral" rating in a report on Monday, June 2nd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $56.40.

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.

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