Bank of New York Mellon Corp Has $83.03 Million Position in The New York Times Company (NYSE:NYT)

Bank of New York Mellon Corp reduced its position in The New York Times Company (NYSE:NYT - Free Report) by 0.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,674,057 shares of the company's stock after selling 7,327 shares during the period. Bank of New York Mellon Corp owned about 1.03% of New York Times worth $83,033,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. US Bancorp DE increased its stake in New York Times by 139.5% in the fourth quarter. US Bancorp DE now owns 7,882 shares of the company's stock valued at $410,000 after purchasing an additional 4,591 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of New York Times by 63.4% during the 4th quarter. Victory Capital Management Inc. now owns 80,167 shares of the company's stock worth $4,173,000 after purchasing an additional 31,096 shares during the period. M&T Bank Corp increased its position in shares of New York Times by 9.6% in the fourth quarter. M&T Bank Corp now owns 11,662 shares of the company's stock worth $607,000 after acquiring an additional 1,024 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of New York Times during the fourth quarter worth about $1,200,000. Finally, Raymond James Financial Inc. acquired a new position in New York Times during the 4th quarter worth approximately $1,544,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insider Buying and Selling

In related news, EVP William Bardeen sold 2,500 shares of New York Times stock in a transaction on Friday, May 30th. The shares were sold at an average price of $56.83, for a total value of $142,075.00. Following the transaction, the executive vice president owned 16,727 shares in the company, valued at $950,595.41. This trade represents a 13.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO R Anthony Benten sold 1,990 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $2,252,123.75. This trade represents a 4.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,490 shares of company stock valued at $479,728. Company insiders own 1.90% of the company's stock.

New York Times Stock Performance

Shares of New York Times stock traded down $0.41 during trading on Friday, hitting $55.97. 1,165,693 shares of the stock traded hands, compared to its average volume of 1,410,048. The stock has a market cap of $9.13 billion, a P/E ratio of 26.72, a PEG ratio of 1.54 and a beta of 1.11. The company has a fifty day moving average price of $55.25 and a two-hundred day moving average price of $51.93. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $58.16.

New York Times (NYSE:NYT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.06. The company had revenue of $635.91 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 earnings per share. On average, equities research analysts expect that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Wednesday, July 9th. New York Times's payout ratio is 39.13%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NYT. Citigroup reaffirmed a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Wall Street Zen upgraded shares of New York Times from a "hold" rating to a "buy" rating in a research report on Friday, April 11th. Finally, Guggenheim increased their price target on New York Times from $53.00 to $55.00 and gave the stock a "neutral" rating in a research note on Monday, June 2nd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $56.40.

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.