The New York Times Company $NYT Shares Sold by Gradient Investments LLC

Key Points

• Gradient Investments LLC reduced its stake in The New York Times Company by 1.7%, owning approximately 262,412 shares valued at about $14.69 million after selling 4,532 shares during the second quarter.
• Wall Street analysts have mixed sentiments about the stock, with Zacks Research downgrading it to a "hold" rating, while Evercore ISI increased the target price from $60.00 to $67.00 with an "outperform" rating.
• The New York Times announced a quarterly dividend of $0.18 per share, paid to shareholders with a yield of 1.2% and a payout ratio of 37.11%.

Gradient Investments LLC reduced its stake in The New York Times Company (NYSE:NYT - Free Report) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 262,412 shares of the company's stock after selling 4,532 shares during the quarter. Gradient Investments LLC owned about 0.16% of New York Times worth $14,690,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in NYT. Cetera Investment Advisers lifted its position in shares of New York Times by 32.9% in the fourth quarter. Cetera Investment Advisers now owns 10,929 shares of the company's stock valued at $569,000 after acquiring an additional 2,704 shares in the last quarter. Deutsche Bank AG lifted its position in shares of New York Times by 8.4% in the fourth quarter. Deutsche Bank AG now owns 32,449 shares of the company's stock valued at $1,689,000 after acquiring an additional 2,510 shares in the last quarter. Focus Partners Wealth lifted its position in shares of New York Times by 19.3% in the fourth quarter. Focus Partners Wealth now owns 7,650 shares of the company's stock valued at $398,000 after acquiring an additional 1,240 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of New York Times by 31.0% in the fourth quarter. Lazard Asset Management LLC now owns 16,462 shares of the company's stock valued at $856,000 after acquiring an additional 3,894 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of New York Times by 13.9% in the fourth quarter. Nuveen Asset Management LLC now owns 749,321 shares of the company's stock valued at $39,002,000 after acquiring an additional 91,538 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Zacks Research downgraded New York Times from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Evercore ISI increased their target price on New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Guggenheim increased their target price on New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Barclays set a $52.00 target price on New York Times and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Finally, Morgan Stanley increased their target price on New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.33.

New York Times Stock Performance

Shares of NYSE:NYT opened at $58.91 on Monday. The company has a market cap of $9.59 billion, a P/E ratio of 30.37, a PEG ratio of 1.49 and a beta of 1.16. The New York Times Company has a one year low of $44.83 and a one year high of $62.24. The business's 50-day simple moving average is $56.88 and its 200 day simple moving average is $53.68.

New York Times (NYSE:NYT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. The business had revenue of $685.90 million for the quarter, compared to the consensus estimate of $670.22 million. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The company's revenue was up 9.7% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. Analysts predict that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Wednesday, July 9th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Wednesday, July 9th. New York Times's dividend payout ratio (DPR) is 37.11%.

Insider Buying and Selling

In other New York Times news, EVP William Bardeen sold 5,000 shares of the firm'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 transaction of $290,200.00. Following the completion of the sale, the executive vice president owned 11,243 shares in the company, valued at $652,543.72. This trade represents a 30.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jacqueline M. Welch sold 5,500 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $60.04, for a total value of $330,220.00. Following the sale, the executive vice president owned 14,470 shares of the company's stock, valued at approximately $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 owned by company 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.