Twin Tree Management LP Buys Shares of 50,906 The New York Times Company $NYT

Key Points

• Twin Tree Management LP has acquired a new position in The New York Times Company, purchasing 50,906 shares valued at approximately $2.53 million during the first quarter.
• Several institutional investors have increased their stakes in the New York Times, with Vanguard Group now owning 15.99 million shares valued at nearly $793 million, following a 1.2% increase.
• The company reported a 9.7% year-on-year revenue increase with quarterly earnings per share of $0.58, surpassing analyst expectations of $0.50.

Twin Tree Management LP purchased a new position in The New York Times Company (NYSE:NYT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 50,906 shares of the company's stock, valued at approximately $2,525,000.

Several other institutional investors and hedge funds also recently bought and sold shares of NYT. Allianz Asset Management GmbH grew its stake in New York Times by 210.7% during the 1st quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company's stock valued at $79,832,000 after acquiring an additional 1,091,430 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of New York Times by 210.5% in the 4th quarter. Squarepoint Ops LLC now owns 1,382,695 shares of the company's stock valued at $71,969,000 after buying an additional 937,354 shares in the last quarter. Burgundy Asset Management Ltd. grew its stake in shares of New York Times by 65.2% in the 1st quarter. Burgundy Asset Management Ltd. now owns 2,325,224 shares of the company's stock valued at $115,331,000 after buying an additional 917,766 shares in the last quarter. Millennium Management LLC grew its stake in shares of New York Times by 133.6% in the 4th quarter. Millennium Management LLC now owns 1,559,837 shares of the company's stock valued at $81,190,000 after buying an additional 892,155 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of New York Times in the 1st quarter valued at approximately $37,500,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insider Buying and Selling at New York Times

In other news, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 11,243 shares of the company's stock, valued at $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 value of $330,220.00. Following the transaction, the executive vice president directly owned 14,470 shares in the company, valued at $868,778.80. This trade represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

New York Times Price Performance

Shares of NYT stock traded up $0.40 during trading hours on Thursday, hitting $59.23. 1,233,451 shares of the company's stock were exchanged, compared to its average volume of 1,778,236. The stock's 50-day moving average is $56.57 and its 200-day moving average is $53.12. The stock has a market cap of $9.64 billion, a price-to-earnings ratio of 30.53, a price-to-earnings-growth ratio of 1.51 and a beta of 1.16. The New York Times Company has a 52 week low of $44.83 and a 52 week high of $62.24.

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, topping the consensus estimate of $0.50 by $0.08. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The company had revenue of $685.90 million for the quarter, compared to analysts' expectations of $670.22 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. The business's revenue for the quarter was up 9.7% on a year-over-year basis. Equities research analysts forecast that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Announces Dividend

The company also recently declared 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. 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%.

Analyst Ratings Changes

Several research firms recently weighed in on NYT. Barclays set a $52.00 target price on New York Times and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Morgan Stanley boosted their target price on New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Guggenheim boosted their target price on New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Evercore ISI upped their price target on New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Citigroup restated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $60.33.

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.