SCS Capital Management LLC Makes New Investment in The New York Times Company $NYT

Key Points

• SCS Capital Management LLC recently acquired 675,162 shares of The New York Times Company for approximately $33.5 million, increasing its stake to about 0.41% as per its 13F filing with the SEC.
• Other institutional investors, including Wealth Enhancement Advisory Services and State of Alaska Department of Revenue, also increased their holdings, contributing to institutional ownership of 95.37% of the company.
• The New York Times reported a better-than-expected quarterly earnings with $0.58 EPS, surpassing estimates and showing a 9.7% year-over-year increase in revenue.

SCS Capital Management LLC purchased a new position in The New York Times Company (NYSE:NYT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 675,162 shares of the company's stock, valued at approximately $33,488,000. SCS Capital Management LLC owned approximately 0.41% of New York Times as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of New York Times by 109.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,373 shares of the company's stock worth $1,259,000 after acquiring an additional 13,248 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of New York Times in the first quarter worth $250,000. State of Alaska Department of Revenue grew its stake in shares of New York Times by 164.0% in the first quarter. State of Alaska Department of Revenue now owns 49,119 shares of the company's stock worth $2,436,000 after acquiring an additional 30,515 shares in the last quarter. Element Capital Management LLC acquired a new position in shares of New York Times in the first quarter worth $2,742,000. Finally, Twin Tree Management LP acquired a new position in shares of New York Times in the first quarter worth $2,525,000. Institutional investors and hedge funds own 95.37% of the company's stock.

Insider Buying and Selling at New York Times

In other New York Times news, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the completion of the transaction, the executive vice president owned 11,243 shares in the company, valued at $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction on 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 transaction, the executive vice president owned 14,470 shares of the company's stock, valued at $868,778.80. This represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

New York Times Price Performance

NYSE NYT opened at $58.85 on Tuesday. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $62.24. The company has a market capitalization of $9.58 billion, a PE ratio of 30.33, a P/E/G ratio of 1.49 and a beta of 1.16. The company has a fifty day moving average of $56.76 and a two-hundred day moving average of $53.39.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $670.22 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. New York Times's revenue for the quarter was up 9.7% on a year-over-year basis. On average, research analysts expect that The New York Times Company will post 2.08 earnings per share for the current 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 paid a $0.18 dividend. 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 currently 37.11%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NYT. Morgan Stanley boosted 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 note on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Barclays set a $52.00 target price on shares of New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Evercore ISI boosted their target price 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. Finally, Guggenheim boosted their target price 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. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, New York Times has a consensus rating of "Moderate Buy" and an average price target of $60.33.

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.

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