Nuveen LLC Acquires Shares of 756,040 The New York Times Company $NYT

Key Points

• Nuveen LLC acquired a new position in The New York Times Company, purchasing 756,040 shares valued at approximately $37.5 million, representing about 0.46% of the company.
• Analysts are optimistic about the company's stock, with Evercore ISI raising its target price from $60.00 to $67.00 and a consensus rating of "Moderate Buy" among investment analysts.
• New York Times recently reported a 9.7% year-over-year revenue increase to $685.9 million for the quarter, surpassing analysts' expectations, and announced a quarterly dividend payout of $0.18 per share.

Nuveen LLC bought a new stake in shares of The New York Times Company (NYSE:NYT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 756,040 shares of the company's stock, valued at approximately $37,500,000. Nuveen LLC owned approximately 0.46% of New York Times as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Covestor Ltd grew its stake in New York Times by 7.9% during the first quarter. Covestor Ltd now owns 2,849 shares of the company's stock valued at $141,000 after acquiring an additional 208 shares in the last quarter. Snowden Capital Advisors LLC grew its stake in shares of New York Times by 2.1% in 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 in the last quarter. Nia Impact Advisors LLC grew its stake in shares of New York Times by 1.6% in 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 in the last quarter. State of Michigan Retirement System grew its stake in shares of New York Times by 1.0% in 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 in the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in shares of New York Times by 0.9% in 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 in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP William Bardeen sold 5,000 shares of the 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 sale, the executive vice president directly owned 11,243 shares of the company's stock, valued at approximately $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO R Anthony Benten sold 1,990 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.75, for a total transaction of $112,932.50. Following the sale, the chief accounting officer directly owned 39,685 shares in the company, valued at $2,252,123.75. This trade represents a 4.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,490 shares of company stock valued at $769,928. Corporate insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NYT. Morgan Stanley lifted their price objective on shares of New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Barclays set a $52.00 price objective on shares of New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Guggenheim lifted their price objective on shares of New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Evercore ISI lifted their price objective on shares of New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.33.

New York Times Stock Up 0.7%

Shares of NYSE NYT traded up $0.39 during trading hours on Tuesday, hitting $59.67. 1,258,570 shares of the stock were exchanged, compared to its average volume of 1,799,662. The company has a market cap of $9.73 billion, a PE ratio of 30.76, a PEG ratio of 1.52 and a beta of 1.09. The firm has a fifty day moving average price of $55.45 and a 200-day moving average price of $52.41. 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 quarterly earnings data on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. The business had revenue of $685.90 million for the quarter, compared to the consensus estimate of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The business's revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. As a group, equities analysts anticipate that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. New York Times's dividend payout ratio is 37.11%.

New York Times 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.