Mirae Asset Global Investments Co. Ltd. Purchases 10,115 Shares of The New York Times Company $NYT

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its holdings in The New York Times Company by 127.3% during Q2, acquiring an additional 10,115 shares for a total of 18,058 shares valued at $1,011,000.
• Insider activity includes significant sales, with EVP William Bardeen and EVP Jacqueline M. Welch each selling 5,000 and 5,500 shares respectively, representing decreases of 30.78% and 27.54% in their ownership.
• The New York Times is set to distribute a quarterly dividend of $0.18 on October 23, with a current dividend yield of 1.3%.

Mirae Asset Global Investments Co. Ltd. increased its position in shares of The New York Times Company (NYSE:NYT - Free Report) by 127.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,058 shares of the company's stock after acquiring an additional 10,115 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in New York Times were worth $1,011,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of NYT. Covestor Ltd lifted its holdings in New York Times by 7.9% during the 1st quarter. Covestor Ltd now owns 2,849 shares of the company's stock worth $141,000 after buying an additional 208 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of New York Times by 0.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,815 shares of the company's stock worth $3,069,000 after acquiring an additional 271 shares in the last quarter. Valueworks LLC raised its position in shares of New York Times by 0.3% in the 1st quarter. Valueworks LLC now owns 88,939 shares of the company's stock worth $4,411,000 after acquiring an additional 278 shares in the last quarter. Perigon Wealth Management LLC raised its position in shares of New York Times by 5.3% in the 2nd quarter. Perigon Wealth Management LLC now owns 6,044 shares of the company's stock worth $338,000 after acquiring an additional 304 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in shares of New York Times by 1.9% in the 2nd quarter. Exchange Traded Concepts LLC now owns 17,037 shares of the company's stock worth $954,000 after acquiring an additional 324 shares in the last quarter. Institutional investors own 95.37% of the company's stock.

Insider Activity at New York Times

In related news, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total value of $290,200.00. Following the transaction, the executive vice president owned 11,243 shares in the company, valued at approximately $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $60.04, for a total value of $330,220.00. Following the completion of the transaction, the executive vice president owned 14,470 shares in the company, valued at approximately $868,778.80. The trade was a 27.54% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

New York Times Stock Up 0.1%

NYT stock opened at $55.30 on Friday. The firm has a market cap of $9.00 billion, a PE ratio of 28.51, a P/E/G ratio of 1.39 and a beta of 1.16. The business has a 50 day moving average of $58.08 and a 200-day moving average of $54.76. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $62.24.

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

New York Times Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Barclays set a $52.00 price objective on New York Times and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Evercore ISI lifted their price objective on New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Guggenheim lifted their price objective on New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Zacks Research lowered New York Times from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of New York Times in a research report on Wednesday. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus 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.

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