Swiss National Bank Cuts Stock Position in The New York Times Company (NYSE:NYT)

Key Points

• The Swiss National Bank reduced its holdings in The New York Times Company by 1.7%, now owning approximately 300,300 shares valued at about $14.9 million.
• The New York Times reported a quarterly earnings per share (EPS) of $0.58, surpassing expectations of $0.50, with a revenue of $685.9 million, which is up 9.7% year-over-year.
• The company announced a quarterly dividend of $0.18 per share, which reflects an annualized dividend of $0.72 and a yield of 1.2%.

Swiss National Bank cut its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 1.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 300,300 shares of the company's stock after selling 5,100 shares during the period. Swiss National Bank owned about 0.18% of New York Times worth $14,895,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Bessemer Group Inc. increased its stake in New York Times by 12.6% during 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. Snowden Capital Advisors LLC increased its stake in New York Times by 2.1% during the fourth quarter. Snowden Capital Advisors LLC now owns 14,648 shares of the company's stock worth $762,000 after purchasing an additional 307 shares during the period. Nia Impact Advisors LLC increased its stake in New York Times by 1.6% during the fourth quarter. Nia Impact Advisors LLC now owns 25,687 shares of the company's stock worth $1,337,000 after purchasing an additional 400 shares during the period. State of Michigan Retirement System grew its stake in New York Times by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 39,016 shares of the company's stock worth $1,935,000 after purchasing an additional 400 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in New York Times by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 45,700 shares of the company's stock worth $2,267,000 after purchasing an additional 400 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

New York Times Stock Performance

NYSE:NYT opened at $60.65 on Thursday. The stock has a 50-day simple moving average of $55.20 and a 200-day simple moving average of $52.32. The stock has a market cap of $9.89 billion, a P/E ratio of 31.26, a P/E/G ratio of 1.46 and a beta of 1.09. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $62.24.

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, topping the consensus estimate of $0.50 by $0.08. The business had revenue of $685.90 million during the quarter, compared to analysts' expectations of $670.22 million. New York Times had a return on equity of 19.55% and a net margin of 11.92%. The business's quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. On average, equities research analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were given a $0.18 dividend. 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 37.11%.

Analyst Upgrades and Downgrades

Several 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 note on Friday, August 8th. Citigroup reissued a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. 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 note on Thursday, August 7th. Barclays set a $52.00 target price on New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Finally, 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 note on Thursday, August 7th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.33.

Insider Activity at New York Times

In related news, Director David S. Perpich sold 4,000 shares of the company'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 completion of the sale, the director directly owned 27,569 shares of the company's stock, valued at $1,548,826.42. This represents a 12.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $290,200.00. Following the completion of the sale, the executive vice president directly owned 11,243 shares of the company's stock, valued at approximately $652,543.72. This trade represents a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,490 shares of company stock valued at $769,928 in the last three months. 1.90% of the stock is currently owned by company insiders.

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.

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