Northern Trust Corp Increases Position in The New York Times Company $NYT

Key Points

• Northern Trust Corp increased its ownership in The New York Times Company by 2.8%, acquiring an additional 40,611 shares and holding a total of 1,480,232 shares worth approximately $73.4 million.
• The New York Times Company reported $0.58 earnings per share for the latest quarter, exceeding analyst expectations of $0.50, with a 9.7% year-over-year revenue growth to $685.9 million.
• The company recently declared a quarterly dividend of $0.18, representing a 1.2% dividend yield, contributing to an annualized dividend payout of $0.72.

Northern Trust Corp boosted its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 2.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,480,232 shares of the company's stock after buying an additional 40,611 shares during the quarter. Northern Trust Corp owned approximately 0.91% of New York Times worth $73,420,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. 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. Snowden Capital Advisors LLC lifted its holdings in New York Times by 2.1% during the 4th quarter. Snowden Capital Advisors LLC now owns 14,648 shares of the company's stock worth $762,000 after buying an additional 307 shares during the period. Nia Impact Advisors LLC lifted its holdings in New York Times by 1.6% during the 4th quarter. Nia Impact Advisors LLC now owns 25,687 shares of the company's stock worth $1,337,000 after buying an additional 400 shares during the period. State of Michigan Retirement System lifted its holdings in New York Times by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 39,016 shares of the company's stock worth $1,935,000 after buying an additional 400 shares during the period. Finally, Louisiana State Employees Retirement System lifted its holdings in New York Times by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 45,700 shares of the company's stock worth $2,267,000 after buying an additional 400 shares during the period. 95.37% of the stock is owned by institutional investors and hedge funds.

New York Times Trading Up 0.2%

New York Times stock traded up $0.13 during midday trading on Friday, reaching $59.87. The stock had a trading volume of 1,582,849 shares, compared to its average volume of 2,187,278. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $62.24. The company has a market capitalization of $9.75 billion, a P/E ratio of 30.86, a PEG ratio of 1.51 and a beta of 1.09. The company has a fifty day moving average price of $56.31 and a two-hundred day moving average price of $52.94.

New York Times (NYSE:NYT - Get Free Report) last issued its 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 business had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. During the same period in the previous year, the company posted $0.45 EPS. The firm's revenue was up 9.7% compared to the same quarter last year. On average, equities research analysts predict that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 9th. New York Times's payout ratio is currently 37.11%.

Analysts Set New Price Targets

Several brokerages have commented on NYT. Evercore ISI lifted their target price on New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Morgan Stanley lifted their price objective on New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. 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. 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. Finally, Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

Insider Buying and Selling

In other New York Times news, Director David S. Perpich sold 4,000 shares of the business'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 sale, the director directly owned 27,569 shares of the company's stock, valued at approximately $1,548,826.42. The trade was a 12.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the business'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 sale, the executive vice president directly owned 11,243 shares of the company's stock, valued at $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.