Alliancebernstein L.P. Buys 714,317 Shares of The New York Times Company $NYT

Key Points

• Alliancebernstein L.P. increased its shareholding in The New York Times Company by 37.4% during the first quarter, now owning approximately 1.61% of the company valued at $130 million.
• Several analysts have raised their price targets for New York Times stock, with Evercore ISI setting a target of $67.00 and maintaining an "outperform" rating.
• The New York Times Company reported earnings of $0.58 per share for the last quarter, exceeding estimates and reflecting a 9.7% increase in year-over-year revenue.

Alliancebernstein L.P. boosted its position in The New York Times Company (NYSE:NYT - Free Report) by 37.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,622,794 shares of the company's stock after purchasing an additional 714,317 shares during the period. Alliancebernstein L.P. owned about 1.61% of New York Times worth $130,091,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its position in New York Times by 109.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,373 shares of the company's stock worth $1,259,000 after purchasing an additional 13,248 shares during the last quarter. Asset Management One Co. Ltd. purchased a new position in shares of New York Times during the 1st quarter valued at about $250,000. Centiva Capital LP lifted its position in shares of New York Times by 58.6% during the 4th quarter. Centiva Capital LP now owns 36,031 shares of the company's stock valued at $1,875,000 after buying an additional 13,311 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of New York Times by 164.0% during the 1st quarter. State of Alaska Department of Revenue now owns 49,119 shares of the company's stock valued at $2,436,000 after buying an additional 30,515 shares in the last quarter. Finally, Element Capital Management LLC purchased a new position in shares of New York Times during the 1st quarter valued at about $2,742,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Citigroup reaffirmed a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Morgan Stanley lifted their price objective on New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Guggenheim lifted 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 objective on New York Times and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, Evercore ISI lifted their price objective on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $60.33.

Insider Activity at New York Times

In other news, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total transaction of $330,220.00. Following the sale, the executive vice president directly owned 14,470 shares of the company's stock, valued at $868,778.80. This represents a 27.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total value of $290,200.00. Following the sale, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. This trade represents a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.

New York Times Stock Down 0.3%

NYSE NYT traded down $0.19 during trading hours on Friday, reaching $59.00. The company's stock had a trading volume of 802,807 shares, compared to its average volume of 1,500,644. The firm's 50-day moving average price is $56.71 and its 200-day moving average price is $53.31. 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 $9.61 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 1.49 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last posted 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. The company had revenue of $685.90 million for 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 firm's revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 EPS. Equities research analysts anticipate that The New York Times Company will post 2.08 EPS for the current fiscal 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 issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 9th. New York Times's dividend payout ratio is 37.11%.

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.