Private Client Services LLC Buys Shares of 18,026 The New York Times Company $NYT

Key Points

• Private Client Services LLC acquired 18,026 shares of The New York Times Company, valued at approximately $1,009,000, during the second quarter.
• The New York Times Company reported earnings of $0.58 EPS for the last quarter, exceeding the consensus estimate by $0.08, alongside a revenue of $685.90 million.
• Institutional investors hold about 95.37% of the company's stock, reflecting strong institutional interest in New York Times shares.

Private Client Services LLC bought a new stake in shares of The New York Times Company (NYSE:NYT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 18,026 shares of the company's stock, valued at approximately $1,009,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in New York Times by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 15,987,404 shares of the company's stock valued at $792,975,000 after acquiring an additional 187,056 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of New York Times by 7.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 10,392,977 shares of the company's stock worth $515,492,000 after purchasing an additional 698,433 shares during the period. Baillie Gifford & Co. increased its holdings in shares of New York Times by 19.0% in the first quarter. Baillie Gifford & Co. now owns 3,018,477 shares of the company's stock worth $149,716,000 after purchasing an additional 481,682 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of New York Times by 8.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,707,676 shares of the company's stock worth $134,292,000 after purchasing an additional 211,062 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of New York Times by 37.4% in the first quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company's stock worth $130,091,000 after purchasing an additional 714,317 shares during the period. Institutional investors own 95.37% of the company's stock.

New York Times Stock Performance

Shares of NYSE:NYT opened at $58.91 on Friday. The New York Times Company has a 52-week low of $44.83 and a 52-week high of $62.24. The firm has a fifty day moving average of $56.88 and a 200 day moving average of $53.60. The firm has a market capitalization of $9.59 billion, a PE ratio of 30.37, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping 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 period in the previous year, the business earned $0.45 earnings per share. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. On average, sell-side analysts forecast that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

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

Insider Activity

In other New York Times news, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $60.04, for a total transaction of $330,220.00. Following the completion of the sale, the executive vice president directly owned 14,470 shares in the company, valued at $868,778.80. This represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction dated 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 owned 11,243 shares of the company's stock, valued at approximately $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NYT shares. Guggenheim upped their price target 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. Barclays set a $52.00 price target on shares of New York Times and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Zacks Research cut shares of New York Times from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Citigroup reaffirmed a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Finally, Morgan Stanley upped 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 research report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

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.

Want to see what other hedge funds are holding NYT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The New York Times Company (NYSE:NYT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.