T. Rowe Price Investment Management Inc. raised its stake in The New York Times Company (NYSE:NYT - Free Report) by 7.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,392,977 shares of the company's stock after buying an additional 698,433 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 6.36% of New York Times worth $515,492,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the business. American National Bank & Trust purchased a new stake in shares of New York Times during the first quarter worth approximately $45,000. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of New York Times during the first quarter worth approximately $99,000. Putney Financial Group LLC purchased a new position in New York Times in the fourth quarter valued at approximately $102,000. Meeder Asset Management Inc. acquired a new stake in shares of New York Times during the first quarter worth $115,000. Finally, Covestor Ltd lifted its holdings in shares of New York Times by 7.9% during the first quarter. Covestor Ltd now owns 2,849 shares of the company's stock worth $141,000 after purchasing an additional 208 shares during the period. Institutional investors and hedge funds own 95.37% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on the stock. Citigroup reaffirmed a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Evercore ISI upped their price target 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. Guggenheim upped their price target 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. Barclays set a $52.00 price target on New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley lifted their price target 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. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, New York Times presently has an average rating of "Moderate Buy" and a consensus price target of $60.33.
Read Our Latest Stock Report on NYT
Insider Activity
In other news, CAO R Anthony Benten sold 1,990 shares of New York Times stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $56.75, for a total transaction of $112,932.50. Following the sale, the chief accounting officer owned 39,685 shares in the company, valued at $2,252,123.75. This trade represents a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction of $290,200.00. Following the sale, the executive vice president owned 11,243 shares in the company, valued at $652,543.72. This represents a 30.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,490 shares of company stock worth $769,928 over the last 90 days. Company insiders own 1.90% of the company's stock.
New York Times Stock Performance
Shares of NYSE:NYT traded up $0.1150 during trading on Friday, reaching $59.7650. 1,411,013 shares of the stock were exchanged, compared to its average volume of 2,298,475. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $62.24. The firm has a market cap of $9.73 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 1.51 and a beta of 1.09. The firm's 50-day moving average price is $55.79 and its 200 day moving average price is $52.60.
New York Times (NYSE:NYT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 EPS. As a group, equities research analysts forecast that The New York Times Company will post 2.08 EPS for the current year.
New York Times Dividend Announcement
The company also recently disclosed 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 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 (DPR) is currently 37.11%.
New York Times Company Profile
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Free Report)
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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