Free Trial

Wellington Management Group LLP Sells 940,219 Shares of The New York Times Company $NYT

New York Times logo with Consumer Staples background

Key Points

  • Wellington Management Group LLP reduced its holdings in The New York Times Company by 17.0%, selling 940,219 shares and now owning approximately 2.81% of the company valued at $227.3 million.
  • New York Times reported an earnings per share (EPS) of $0.58 for the last quarter, surpassing analyst expectations, while revenue reached $685.9 million, up 9.7% year-over-year.
  • The company announced a quarterly dividend of $0.18 per share, representing a 1.2% dividend yield based on an annualized payout of $0.72.
  • Need better tools to track New York Times? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Wellington Management Group LLP cut its stake in The New York Times Company (NYSE:NYT - Free Report) by 17.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,583,107 shares of the company's stock after selling 940,219 shares during the quarter. Wellington Management Group LLP owned 2.81% of New York Times worth $227,322,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. American National Bank & Trust acquired a new stake in New York Times in the first quarter worth $45,000. Putney Financial Group LLC acquired a new stake in New York Times during the 4th quarter worth $102,000. Bartlett & CO. Wealth Management LLC acquired a new stake in New York Times during the 1st quarter worth $99,000. Meeder Asset Management Inc. bought a new position in New York Times during the first quarter worth about $115,000. Finally, Covestor Ltd grew its stake in New York Times by 7.9% in the first quarter. Covestor Ltd now owns 2,849 shares of the company's stock valued at $141,000 after acquiring an additional 208 shares during the period. Institutional investors own 95.37% of the company's stock.

Insider Activity

In other news, CAO R Anthony Benten sold 1,990 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $56.75, for a total transaction of $112,932.50. Following the completion of the sale, the chief accounting officer owned 39,685 shares in the company, valued at $2,252,123.75. The trade was a 4.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David S. Perpich sold 4,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total value of $224,720.00. Following the completion of the transaction, the director directly owned 27,569 shares in the company, valued at $1,548,826.42. The trade was a 12.67% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,490 shares of company stock valued at $769,928. 1.90% of the stock is owned by company insiders.

New York Times Trading Up 0.2%

Shares of NYSE NYT traded up $0.1150 during midday trading on Friday, reaching $59.7650. The company's stock had a trading volume of 1,411,013 shares, compared to its average volume of 2,298,475. The stock has a 50 day simple moving average of $55.79 and a 200-day simple moving average of $52.60. The stock has a market capitalization of $9.73 billion, a price-to-earnings ratio of 30.81, a PEG ratio of 1.51 and a beta of 1.09. The New York Times Company has a fifty-two week low of $44.83 and a fifty-two week high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. The company had revenue of $685.90 million during 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 firm's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. As a group, equities analysts anticipate that The New York Times Company will post 2.08 EPS for the current 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 paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, July 9th. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. New York Times's payout ratio is currently 37.11%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NYT. Guggenheim raised their price target 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. Morgan Stanley raised their target price on shares of New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Barclays set a $52.00 price target on shares of New York Times and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Finally, Evercore ISI raised their price objective 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. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $60.33.

Read Our Latest Research Report on NYT

About New York Times

(Free Report)

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.

Recommended Stories

Institutional Ownership by Quarter for New York Times (NYSE:NYT)

Should You Invest $1,000 in New York Times Right Now?

Before you consider New York Times, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and New York Times wasn't on the list.

While New York Times currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Options Trading Made Easy - Download Now Cover

Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Next Tech Boom: AI Robots Are Coming Sooner Than You Think!
Tech Stocks Stumble: Will Nvidia’s Report Spark a Rebound?
Follow the Money: 5 Stocks Institutions Are Buying NOW

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines