New York State Common Retirement Fund Sells 309,934 Shares of The New York Times Company (NYSE:NYT)

New York State Common Retirement Fund lowered its holdings in The New York Times Company (NYSE:NYT - Free Report) by 80.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,674 shares of the company's stock after selling 309,934 shares during the period. New York State Common Retirement Fund's holdings in New York Times were worth $3,753,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in New York Times by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 15,800,348 shares of the company's stock worth $822,408,000 after purchasing an additional 63,856 shares during the period. Darsana Capital Partners LP increased its position in New York Times by 15.0% during the 4th quarter. Darsana Capital Partners LP now owns 5,750,000 shares of the company's stock worth $299,288,000 after buying an additional 750,000 shares during the period. Geode Capital Management LLC increased its position in New York Times by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,035,335 shares of the company's stock worth $210,084,000 after buying an additional 102,519 shares during the period. Renaissance Technologies LLC increased its position in New York Times by 13.3% during the 4th quarter. Renaissance Technologies LLC now owns 3,570,380 shares of the company's stock worth $185,838,000 after buying an additional 418,155 shares during the period. Finally, Franklin Resources Inc. increased its position in New York Times by 0.7% during the 4th quarter. Franklin Resources Inc. now owns 3,376,517 shares of the company's stock worth $175,748,000 after buying an additional 22,725 shares during the period. Institutional investors own 95.37% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on NYT shares. Citigroup restated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Wall Street Zen upgraded New York Times from a "hold" rating to a "buy" rating in a research note on Friday, April 11th. Finally, Guggenheim increased their price target on New York Times from $53.00 to $55.00 and gave the company a "neutral" rating in a research note on Monday, June 2nd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, New York Times presently has a consensus rating of "Moderate Buy" and an average price target of $56.40.

Insider Activity at New York Times

In related news, Director David S. Perpich sold 4,000 shares of the 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 completion of the transaction, the director directly owned 27,569 shares of the company's stock, valued at $1,548,826.42. This represents a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William Bardeen sold 2,500 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $56.83, for a total value of $142,075.00. Following the transaction, the executive vice president directly owned 16,727 shares of the company's stock, valued at $950,595.41. This represents a 13.00% decrease in their position. The disclosure for this sale can be found here. In 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.

New York Times Stock Performance

Shares of NYSE NYT opened at $53.51 on Wednesday. The stock has a market cap of $8.72 billion, a PE ratio of 29.08, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The New York Times Company has a fifty-two week low of $44.83 and a fifty-two week high of $58.16. The stock has a fifty day moving average of $55.48 and a 200-day moving average of $52.00.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.06. The firm had revenue of $635.91 million for the quarter, compared to analysts' expectations of $634.99 million. New York Times had a net margin of 11.53% and a return on equity of 18.70%. The business's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. On average, sell-side analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 24th. Investors of record on Wednesday, July 9th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Wednesday, July 9th. New York Times's dividend payout ratio is currently 39.13%.

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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