Wedge Capital Management L L P NC Invests $37.33 Million in The New York Times Company $NYT

Key Points

• Wedge Capital Management L L P NC acquired 666,810 shares of The New York Times Company, valued at approximately $37.3 million, representing 0.41% ownership of the company.
• Insider transactions saw executives Jacqueline M. Welch and William Bardeen sell portions of their shares, with Welch reducing ownership by 27.54% and Bardeen by 30.78%.
• Analysts have mixed ratings on NYT, with target price adjustments ranging from $52 to $67, indicating a consensus rating of "Moderate Buy" and an average target price of $60.33.

Wedge Capital Management L L P NC acquired a new stake in The New York Times Company (NYSE:NYT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 666,810 shares of the company's stock, valued at approximately $37,328,000. Wedge Capital Management L L P NC owned about 0.41% of New York Times as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NYT. Geneos Wealth Management Inc. raised its holdings in shares of New York Times by 690.7% during the first quarter. Geneos Wealth Management Inc. now owns 846 shares of the company's stock valued at $42,000 after acquiring an additional 739 shares in the last quarter. American National Bank & Trust bought a new position in New York Times in the first quarter worth $45,000. WPG Advisers LLC bought a new position in shares of New York Times during the first quarter valued at $60,000. UMB Bank n.a. increased its holdings in shares of New York Times by 79.3% during the second quarter. UMB Bank n.a. now owns 1,675 shares of the company's stock valued at $94,000 after acquiring an additional 741 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC bought a new stake in New York Times in the 1st quarter worth about $99,000. Institutional investors own 95.37% of the company's stock.

New York Times Price Performance

Shares of NYSE:NYT traded down $0.06 during midday trading on Friday, hitting $58.42. The company had a trading volume of 3,517,105 shares, compared to its average volume of 1,426,068. The business's 50-day simple moving average is $57.12 and its 200-day simple moving average is $54.08. The stock has a market cap of $9.51 billion, a price-to-earnings ratio of 30.11, a price-to-earnings-growth ratio of 1.47 and a beta of 1.16. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. The business had revenue of $685.90 million during 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 company's revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. As a group, sell-side analysts forecast that The New York Times Company will post 2.08 EPS for the current 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. The ex-dividend date of this dividend 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 37.11%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on NYT shares. Zacks Research cut New York Times from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Barclays set a $52.00 price objective on New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Morgan Stanley boosted their target price 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 boosted their target price 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. Finally, Evercore ISI boosted their price objective on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $60.33.

Insider Buying and Selling

In related 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 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 represents a 27.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 11,243 shares in the company, valued at approximately $652,543.72. This represents a 30.78% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

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.