TD Asset Management Inc Sells 25,600 Shares of The New York Times Company $NYT

Key Points

• TD Asset Management Inc reduced its stake in The New York Times Company by 4.1%, selling 25,600 shares and holding a total of 592,400 shares valued at approximately $33 million.
• The New York Times reported a quarterly earnings per share of $0.58, exceeding analysts' expectations of $0.50, with a revenue increase of 9.7% year-over-year.
• The company declared a quarterly dividend of $0.18 per share, to be paid on October 23rd, representing an annualized dividend yield of 1.3%.

TD Asset Management Inc trimmed its holdings in The New York Times Company (NYSE:NYT - Free Report) by 4.1% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 592,400 shares of the company's stock after selling 25,600 shares during the quarter. TD Asset Management Inc owned about 0.36% of New York Times worth $33,163,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Acadian Asset Management LLC grew its stake in shares of New York Times by 383.0% in the first quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company's stock worth $87,538,000 after acquiring an additional 1,399,865 shares during the period. AQR Capital Management LLC grew its position in New York Times by 101.6% in the 1st quarter. AQR Capital Management LLC now owns 2,351,100 shares of the company's stock worth $115,627,000 after purchasing an additional 1,184,729 shares during the period. Allianz Asset Management GmbH grew its position in New York Times by 210.7% in the 1st quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company's stock worth $79,832,000 after purchasing an additional 1,091,430 shares during the period. Burgundy Asset Management Ltd. grew its position in New York Times by 65.2% in the 1st quarter. Burgundy Asset Management Ltd. now owns 2,325,224 shares of the company's stock worth $115,331,000 after purchasing an additional 917,766 shares during the period. Finally, Nuveen LLC bought a new stake in shares of New York Times in the first quarter worth $37,500,000. 95.37% of the stock is currently owned by institutional investors.

New York Times Trading Up 1.5%

NYSE:NYT opened at $55.66 on Friday. The stock has a market capitalization of $9.06 billion, a P/E ratio of 28.69, a P/E/G ratio of 1.38 and a beta of 1.16. The stock has a 50-day moving average price of $57.99 and a 200 day moving average price of $54.97. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $670.22 million. During the same quarter last year, the business posted $0.45 EPS. The firm's revenue for the quarter was up 9.7% compared to the same quarter last year. On average, research analysts predict that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 23rd. Investors of record on Wednesday, October 8th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, October 8th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. New York Times's payout ratio is currently 37.11%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Guggenheim upped their price objective on New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Barclays set a $52.00 price target on shares of New York Times and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Evercore ISI upped 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of New York Times in a report on Wednesday, October 8th. Finally, Morgan Stanley upped their price objective 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. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $60.33.

Insiders Place Their Bets

In other news, EVP Jacqueline M. Welch sold 5,500 shares of the business'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 sale, the executive vice president directly owned 14,470 shares of the company's stock, valued at approximately $868,778.80. The trade was a 27.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William Bardeen sold 5,000 shares of the business's 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 owned 11,243 shares of the company's stock, valued at $652,543.72. The trade was a 30.78% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is owned by 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.

Want to see what other hedge funds are holding NYT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The New York Times Company (NYSE:NYT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.