Sei Investments Co. Raises Stake in The New York Times Company $NYT

Key Points

• Sei Investments Co. increased its stake in The New York Times Company by 6.5%, acquiring an additional 7,991 shares to total 130,104 shares worth approximately $6.6 million.
• The New York Times reported $0.58 EPS for the last quarter, surpassing analysts' expectations of $0.50, with a revenue of $685.90 million, up 9.7% from the previous year.
• The company recently declared a $0.18 per share quarterly dividend, yielding about 1.2% annually and reflecting a payout ratio of 37.11%.

Sei Investments Co. grew its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 6.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 130,104 shares of the company's stock after acquiring an additional 7,991 shares during the period. Sei Investments Co. owned about 0.08% of New York Times worth $6,615,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. American National Bank & Trust bought a new position in New York Times during the first quarter worth $45,000. Bessemer Group Inc. grew its holdings in New York Times by 12.6% in the fourth quarter. Bessemer Group Inc. now owns 1,895 shares of the company's stock worth $99,000 after purchasing an additional 212 shares during the period. Putney Financial Group LLC acquired a new stake in New York Times in the fourth quarter worth $102,000. Bartlett & CO. Wealth Management LLC acquired a new stake in New York Times in the first quarter worth $99,000. Finally, Meeder Asset Management Inc. acquired a new stake in New York Times in the first quarter worth $115,000. Institutional investors own 95.37% of the company's stock.

New York Times Stock Performance

Shares of New York Times stock traded up $0.29 during trading on Tuesday, hitting $59.57. The company's stock had a trading volume of 615,183 shares, compared to its average volume of 1,795,182. The company has a fifty day simple moving average of $55.45 and a two-hundred day simple moving average of $52.41. The company has a market capitalization of $9.71 billion, a PE ratio of 30.71, a P/E/G ratio of 1.52 and a beta of 1.09. The New York Times Company has a 52 week low of $44.83 and a 52 week high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last issued its quarterly 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. The company had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. New York Times's quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the business earned $0.45 EPS. As a group, analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on NYT shares. Guggenheim lifted their price objective on shares of New York Times from $55.00 to $56.00 and gave the company 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. Evercore ISI boosted their price target on shares of New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Citigroup reaffirmed a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Finally, Morgan Stanley boosted their price target 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. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $60.33.

Insider Buying and Selling at New York Times

In other news, EVP William Bardeen sold 5,000 shares of New York Times stock in a transaction that occurred 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 sale, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David S. Perpich sold 4,000 shares of New York Times stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total transaction of $224,720.00. Following the completion of the sale, the director owned 27,569 shares of the company's stock, valued at $1,548,826.42. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,490 shares of company stock worth $769,928. 1.90% of the stock is owned by corporate insiders.

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.