New York Times (NYSE:NYT) Price Target Raised to $55.00

New York Times (NYSE:NYT - Get Free Report) had its price target hoisted by analysts at Guggenheim from $53.00 to $55.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Guggenheim's price objective would indicate a potential downside of 1.94% from the company's previous close.

NYT has been the subject of several other reports. Morgan Stanley reduced their price objective on New York Times from $56.00 to $54.00 and set an "equal weight" rating for the company in a research note on Thursday, February 6th. Wall Street Zen raised New York Times from a "hold" rating to a "buy" rating in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, New York Times currently has a consensus rating of "Moderate Buy" and an average target price of $56.40.

New York Times Stock Performance

Shares of NYT stock traded down $0.90 during mid-day trading on Monday, hitting $56.09. 1,535,196 shares of the stock traded hands, compared to its average volume of 1,364,373. New York Times has a twelve month low of $44.83 and a twelve month high of $58.16. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of 31.51, a price-to-earnings-growth ratio of 1.75 and a beta of 1.16. The company's 50-day simple moving average is $51.60 and its 200-day simple moving average is $51.62.

New York Times (NYSE:NYT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.06. New York Times had a return on equity of 18.51% and a net margin of 11.36%. The company had revenue of $635.91 million for the quarter, compared to analysts' expectations of $634.99 million. During the same period last year, the firm earned $0.31 EPS. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. Analysts forecast that New York Times will post 2.08 earnings per share for the current year.

Insider Activity at New York Times

In related news, CAO R Anthony Benten sold 1,990 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the sale, the chief accounting officer now owns 39,685 shares in the company, valued at $2,252,123.75. This represents a 4.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William Bardeen sold 2,500 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.83, for a total transaction of $142,075.00. Following the completion of the transaction, the executive vice president now directly owns 16,727 shares of the company's stock, valued at approximately $950,595.41. The trade was a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Strs Ohio acquired a new position in shares of New York Times during the 1st quarter worth about $1,532,000. Mattson Financial Services LLC increased its holdings in shares of New York Times by 3.6% during the first quarter. Mattson Financial Services LLC now owns 19,246 shares of the company's stock worth $955,000 after purchasing an additional 673 shares during the period. Acadian Asset Management LLC increased its holdings in shares of New York Times by 383.0% during the first quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company's stock worth $87,538,000 after purchasing an additional 1,399,865 shares during the period. Geneos Wealth Management Inc. increased 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 worth $42,000 after purchasing an additional 739 shares during the period. Finally, Focus Partners Wealth increased its stake in New York Times by 52.2% in the first quarter. Focus Partners Wealth now owns 11,640 shares of the company's stock valued at $577,000 after acquiring an additional 3,990 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

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.