The New York Times Company $NYT is Route One Investment Company L.P.'s 6th Largest Position

Key Points

• Route One Investment Company L.P. reduced its holdings in The New York Times Company by 2.5% during the first quarter, currently owning about 3.7 million shares valued at approximately $183.4 million.
• The New York Times reported a quarterly earnings result of $0.58 per share, exceeding analysts' expectations, alongside a 9.7% year-over-year revenue increase to $685.9 million.
• The company declared a quarterly dividend of $0.18 per share, with an annualized yield of 1.2% and a payout ratio of 37.11%.

Route One Investment Company L.P. reduced its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 2.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,699,259 shares of the company's stock after selling 95,000 shares during the quarter. New York Times comprises 7.6% of Route One Investment Company L.P.'s investment portfolio, making the stock its 6th biggest position. Route One Investment Company L.P. owned about 2.27% of New York Times worth $183,483,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Covestor Ltd increased its holdings in New York Times by 7.9% during the 1st quarter. Covestor Ltd now owns 2,849 shares of the company's stock worth $141,000 after acquiring an additional 208 shares during the period. Valueworks LLC increased its holdings in New York Times by 0.3% during the 1st quarter. Valueworks LLC now owns 88,939 shares of the company's stock worth $4,411,000 after acquiring an additional 278 shares during the period. Snowden Capital Advisors LLC increased its holdings in New York Times by 2.1% during the 4th quarter. Snowden Capital Advisors LLC now owns 14,648 shares of the company's stock worth $762,000 after acquiring an additional 307 shares during the period. Nia Impact Advisors LLC increased its holdings in New York Times by 1.6% during the 4th quarter. Nia Impact Advisors LLC now owns 25,687 shares of the company's stock worth $1,337,000 after acquiring an additional 400 shares during the period. Finally, State of Michigan Retirement System increased its holdings 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 acquiring an additional 400 shares during the period. Institutional investors own 95.37% of the company's stock.

Insiders Place Their Bets

In other news, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction 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 approximately $652,543.72. This represents a 30.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of the company'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 $868,778.80. This trade represents a 27.54% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NYT has been the topic of a number of analyst reports. Evercore ISI upped their target price on shares of New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Citigroup reaffirmed a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Guggenheim boosted 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 shares of New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley boosted their price target on shares of 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 analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $60.33.

New York Times Price Performance

NYT stock traded down $0.55 during midday trading on Tuesday, reaching $58.28. The company had a trading volume of 1,219,525 shares, compared to its average volume of 1,458,340. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $62.24. The company has a market capitalization of $9.49 billion, a P/E ratio of 30.04, a P/E/G ratio of 1.48 and a beta of 1.16. The firm has a 50-day moving average price of $56.80 and a 200-day moving average price of $53.42.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.08. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The business had revenue of $685.90 million during the quarter, compared to analysts' expectations of $670.22 million. During the same quarter in the previous year, the company earned $0.45 EPS. The business's quarterly revenue was up 9.7% compared to the same quarter last year. On average, equities analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th were paid 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%.

About New York Times

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.