Zacks Research Downgrades New York Times (NYSE:NYT) to Hold

Key Points

• The New York Times has been downgraded from a "strong-buy" rating to a "hold" rating by Zacks Research as of Monday.
• Various analysts have mixed opinions on the stock, with Evercore ISI raising the price target to $67, while others set targets around $52.00 to $60.00, resulting in a consensus rating of "Moderate Buy."
• In recent insider trading, executives sold significant shares, with EVP William Bardeen decreasing his stake by 30.78%, indicating potential concerns about ownership and confidence in the stock.

Zacks Research downgraded shares of New York Times (NYSE:NYT - Free Report) from a strong-buy rating to a hold rating in a research report released on Monday, September 8th,Zacks.com reports.

A number of other research analysts have also recently commented on the company. Morgan Stanley boosted their price target 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 price target on New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of New York Times in a report on Thursday, June 12th. Barclays set a $52.00 price objective on New York Times and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Finally, Evercore ISI upped their price objective on New York Times from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

New York Times Price Performance

Shares of NYSE:NYT traded up $0.33 during mid-day trading on Monday, reaching $59.26. 311,906 shares of the company traded hands, compared to its average volume of 1,751,007. The company's 50 day moving average price is $56.88 and its 200-day moving average price is $53.68. The firm has a market cap of $9.65 billion, a PE ratio of 30.54, a PEG ratio of 1.49 and a beta of 1.16. New York Times 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 quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $670.22 million. During the same period in the previous year, the company posted $0.45 EPS. The firm's revenue was up 9.7% on a year-over-year basis. On average, research analysts predict that New York Times will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, July 9th. New York Times's dividend payout ratio is presently 37.11%.

Insider Buying and Selling at New York Times

In related news, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction 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 owned 14,470 shares in the company, valued at approximately $868,778.80. This represents a 27.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the sale, the executive vice president owned 11,243 shares in the company, valued at $652,543.72. The trade was a 30.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of New York Times

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Employees Retirement System of Texas bought a new position in New York Times in the 2nd quarter valued at $28,000. Hantz Financial Services Inc. grew its position in New York Times by 4,591.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 563 shares of the company's stock valued at $32,000 after acquiring an additional 551 shares during the last quarter. True Wealth Design LLC grew its position in New York Times by 519.6% in the 2nd quarter. True Wealth Design LLC now owns 570 shares of the company's stock valued at $32,000 after acquiring an additional 478 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its position in New York Times by 86.8% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 710 shares of the company's stock valued at $40,000 after acquiring an additional 330 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its position in New York Times by 690.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 846 shares of the company's stock valued at $42,000 after acquiring an additional 739 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

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.