TD Asset Management Inc Purchases 89,200 Shares of The New York Times Company (NYSE:NYT)

Key Points

• TD Asset Management Inc has increased its stake in The New York Times Company by 16.9%, now owning 618,000 shares valued at approximately $30.65 million.
• Insider activity has seen executives sell a total of 8,490 shares worth about $479,728 over the last three months, representing a modest decrease in their ownership positions.
• The company's quarterly earnings beat expectations, reporting $0.41 per share against a consensus estimate of $0.35, alongside a revenue of $635.91 million.

TD Asset Management Inc raised its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 16.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 618,000 shares of the company's stock after purchasing an additional 89,200 shares during the period. TD Asset Management Inc owned approximately 0.38% of New York Times worth $30,653,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bessemer Group Inc. boosted its stake in New York Times by 12.6% during the 4th quarter. Bessemer Group Inc. now owns 1,895 shares of the company's stock valued at $99,000 after purchasing an additional 212 shares during the last quarter. Snowden Capital Advisors LLC boosted its stake in shares of New York Times by 2.1% in the 4th quarter. Snowden Capital Advisors LLC now owns 14,648 shares of the company's stock worth $762,000 after buying an additional 307 shares during the last quarter. Seeds Investor LLC boosted its stake in shares of New York Times by 5.5% in the 4th quarter. Seeds Investor LLC now owns 7,325 shares of the company's stock worth $381,000 after buying an additional 385 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of New York Times by 511.7% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 471 shares of the company's stock worth $25,000 after buying an additional 394 shares during the last quarter. Finally, Nia Impact Advisors LLC boosted its stake in shares of New York Times by 1.6% in the 4th 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 during the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on NYT shares. Wall Street Zen raised New York Times from a "hold" rating to a "buy" rating in a report on Friday, April 11th. Citigroup reissued a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Finally, Guggenheim increased their price objective on New York Times from $53.00 to $55.00 and gave the company a "neutral" rating in a report on Monday, June 2nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $56.40.

New York Times Price Performance

Shares of NYSE:NYT traded up $0.01 during trading on Friday, hitting $51.90. 708,034 shares of the company were exchanged, compared to its average volume of 1,715,753. The company has a market cap of $8.46 billion, a PE ratio of 28.21, a P/E/G ratio of 1.41 and a beta of 1.11. The stock has a 50 day moving average of $55.02 and a 200 day moving average of $52.03. The New York Times Company has a 52-week low of $44.83 and a 52-week high of $58.16.

New York Times (NYSE:NYT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.06. The firm had revenue of $635.91 million for the quarter, compared to the consensus estimate of $634.99 million. New York Times had a return on equity of 18.70% and a net margin of 11.53%. The business's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 earnings per share. Sell-side analysts forecast that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.4%. The ex-dividend date was Wednesday, July 9th. New York Times's payout ratio is presently 39.13%.

Insider Buying and Selling

In other New York Times 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 transaction, the director directly owned 27,569 shares in the company, valued at $1,548,826.42. This represents a 12.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO R Anthony Benten sold 1,990 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the transaction, the chief accounting officer owned 39,685 shares in the company, valued at $2,252,123.75. This represents a 4.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,490 shares of company stock worth $479,728 over the last ninety days. 1.90% of the stock is owned by corporate insiders.

New York Times 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.