Public Sector Pension Investment Board Invests $5.83 Million in The New York Times Company (NYSE:NYT)

Key Points

• The Public Sector Pension Investment Board invested approximately $5.83 million in The New York Times Company by acquiring 117,614 shares during the first quarter.
• Analysts recently adjusted their price targets for NYT shares, with Evercore ISI raising their target from $60.00 to $67.00, while Morgan Stanley set theirs at $59.00.
• The New York Times Company announced a quarterly dividend of $0.18 per share, reflecting an annualized yield of 1.2% and a payout ratio of 37.11%.

Public Sector Pension Investment Board bought a new position in shares of The New York Times Company (NYSE:NYT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 117,614 shares of the company's stock, valued at approximately $5,834,000. Public Sector Pension Investment Board owned 0.07% of New York Times as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in New York Times by 1.2% during the first quarter. Vanguard Group Inc. now owns 15,987,404 shares of the company's stock worth $792,975,000 after buying an additional 187,056 shares in the last quarter. Darsana Capital Partners LP grew its holdings in New York Times by 15.0% during the fourth 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 in the last quarter. Baillie Gifford & Co. grew its holdings in New York Times by 19.0% during the first quarter. Baillie Gifford & Co. now owns 3,018,477 shares of the company's stock worth $149,716,000 after buying an additional 481,682 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in New York Times by 6.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,496,614 shares of the company's stock worth $129,954,000 after buying an additional 145,997 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC grew its holdings in New York Times by 19.4% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,651,762 shares of the company's stock worth $85,974,000 after buying an additional 268,085 shares in the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other New York Times news, Director David S. Perpich sold 4,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total value of $224,720.00. Following the sale, the director owned 27,569 shares of the company's stock, valued at $1,548,826.42. This trade represents a 12.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO R Anthony Benten sold 1,990 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the sale, the chief accounting officer directly owned 39,685 shares in the company, valued at approximately $2,252,123.75. The trade was a 4.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,490 shares of company stock valued at $769,928. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NYT shares. Guggenheim upped their price target on 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 upped their price objective on New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Barclays set a $52.00 price objective on New York Times and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Evercore ISI upped their price objective on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, Citigroup restated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $60.33.

New York Times Stock Performance

NYT stock opened at $60.11 on Friday. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 1.52 and a beta of 1.09. The New York Times Company has a fifty-two week low of $44.83 and a fifty-two week high of $62.24. The stock has a fifty day moving average of $55.38 and a 200-day moving average of $52.39.

New York Times (NYSE:NYT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.08. The company had revenue of $685.90 million during the quarter, compared to the consensus estimate of $670.22 million. New York Times had a return on equity of 19.55% and a net margin of 11.92%. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 EPS. Equities analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Dividend Announcement

The business also recently disclosed 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%.

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.

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.