Northwest & Ethical Investments L.P. Sells 19,355 Shares of The New York Times Company $NYT

Key Points

• Northwest & Ethical Investments L.P. has reduced its stake in The New York Times Company by 6.5%, now holding approximately 0.17% of the company, valued at $13.9 million.
• Several institutional investors, including American National Bank & Trust and Bartlett & CO. Wealth Management LLC, have recently acquired new stakes in New York Times shares, emphasizing growing interest from the investment community.
• The New York Times Company reported better-than-expected earnings for the last quarter with a revenue of $685.90 million and earnings per share of $0.58, surpassing analyst expectations.

Northwest & Ethical Investments L.P. lowered its stake in The New York Times Company (NYSE:NYT - Free Report) by 6.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 280,634 shares of the company's stock after selling 19,355 shares during the period. Northwest & Ethical Investments L.P. owned 0.17% of New York Times worth $13,919,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. American National Bank & Trust acquired a new stake in shares of New York Times in the first quarter valued at approximately $45,000. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of New York Times in the first quarter valued at approximately $99,000. Putney Financial Group LLC acquired a new stake in shares of New York Times in the fourth quarter valued at approximately $102,000. Meeder Asset Management Inc. acquired a new stake in shares of New York Times in the first quarter valued at approximately $115,000. Finally, Covestor Ltd increased its holdings in shares of New York Times by 7.9% in the first quarter. Covestor Ltd now owns 2,849 shares of the company's stock valued at $141,000 after purchasing an additional 208 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Insider Activity

In other news, Director David S. Perpich sold 4,000 shares of the business's stock in a transaction on 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 owned 27,569 shares of the company's stock, valued at $1,548,826.42. The trade was a 12.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total transaction of $290,200.00. Following the completion of the transaction, the executive vice president directly owned 11,243 shares of the company's stock, valued at $652,543.72. This trade represents a 30.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,490 shares of company stock valued at $769,928 in the last quarter. Company insiders own 1.90% of the company's stock.

Analyst Ratings Changes

NYT has been the subject of a number of research reports. Evercore ISI raised their price target on shares of New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Citigroup reaffirmed a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Guggenheim lifted their target price on shares of New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Morgan Stanley lifted their target price on shares of New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Finally, Barclays set a $52.00 target price on shares of New York Times and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.33.

New York Times Trading Up 0.3%

Shares of NYT stock traded up $0.1760 on Wednesday, hitting $59.8660. The stock had a trading volume of 1,557,499 shares, compared to its average volume of 1,798,129. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $62.24. The firm has a market cap of $9.75 billion, a P/E ratio of 30.86, a PEG ratio of 1.49 and a beta of 1.09. The company has a fifty day moving average price of $55.54 and a two-hundred day moving average price of $52.46.

New York Times (NYSE:NYT - Get Free Report) last announced its quarterly 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. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The company had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. During the same quarter in the previous year, the business earned $0.45 EPS. The firm's revenue was up 9.7% on a year-over-year basis. On average, 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 declared a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. New York Times's payout ratio is 37.11%.

New York Times Company Profile

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.