State of New Jersey Common Pension Fund D Sells 6,135 Shares of The New York Times Company $NYT

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in The New York Times Company by 11.2%, now holding 48,522 shares worth approximately $2.4 million after selling 6,135 shares.
• The New York Times reported a net margin of 11.92% and earnings of $0.58 EPS, exceeding analysts' expectations by $0.08, along with a revenue increase of 9.7% year-over-year.
• Recent analyst ratings for New York Times indicate a consensus rating of "Moderate Buy" with a price target of $60.33, reflecting optimism about the company's performance.

State of New Jersey Common Pension Fund D trimmed its holdings in The New York Times Company (NYSE:NYT - Free Report) by 11.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,522 shares of the company's stock after selling 6,135 shares during the period. State of New Jersey Common Pension Fund D's holdings in New York Times were worth $2,407,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Covestor Ltd lifted its position in shares of New York Times by 7.9% in 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 lifted its position in shares of New York Times by 2.1% in the fourth 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 lifted its position in shares of New York Times by 1.6% in the fourth 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 lifted its position in shares of New York Times by 1.0% in the first 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 lifted its position in shares of New York Times by 0.9% in the first 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 currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on NYT shares. Evercore ISI boosted their target price on New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Barclays set a $52.00 target price on New York Times and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Guggenheim boosted their target price on New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Finally, Morgan Stanley boosted their target price on 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 equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, New York Times currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.33.

New York Times Stock Performance

NYT stock traded down $0.1680 during midday trading on Monday, reaching $59.6220. 1,353,372 shares of the company traded hands, compared to its average volume of 1,790,169. The New York Times Company has a 52-week low of $44.83 and a 52-week high of $62.24. The business has a 50 day moving average of $55.79 and a 200-day moving average of $52.62. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of 30.73, a P/E/G ratio of 1.51 and a beta of 1.09.

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

New York Times Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th were paid 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 dividend yield of 1.2%. New York Times's dividend payout ratio is currently 37.11%.

Insider Transactions at New York Times

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