New York Times (NYSE:NYT) Sets New 52-Week High Following Earnings Beat

Key Points

• The New York Times Company (NYSE:NYT) reached a new 52-week high at $59.98 after reporting earnings of $0.58 per share, surpassing the expectation of $0.50.
• The company also announced a quarterly dividend of $0.18 per share, representing a yield of 1.2%, with a payout ratio of 39.13%.
• Institutional investors have significantly increased their stakes, with Hantz Financial Services boosting its holdings by 4,591.7% in the second quarter.

The New York Times Company (NYSE:NYT - Get Free Report) shares reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $58.50 and last traded at $59.98, with a volume of 763237 shares changing hands. The stock had previously closed at $53.62.

The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. New York Times had a net margin of 11.53% and a return on equity of 18.70%. The business's quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share.

New York Times Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Wednesday, July 9th were issued 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 yield of 1.2%. New York Times's payout ratio is presently 39.13%.

Wall Street Analysts Forecast Growth

NYT has been the subject of several recent research reports. Guggenheim increased their price target on New York Times from $53.00 to $55.00 and gave the company a "neutral" rating in a research note on Monday, June 2nd. Citigroup reissued a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Finally, Wall Street Zen upgraded shares of New York Times from a "hold" rating to a "buy" rating in a report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $56.40.

Insider Transactions at New York Times

In other news, Director David S. Perpich sold 4,000 shares of the business'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 transaction, the director owned 27,569 shares in the company, valued at approximately $1,548,826.42. The trade was a 12.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William Bardeen sold 2,500 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $56.83, for a total transaction of $142,075.00. Following the completion of the transaction, the executive vice president owned 16,727 shares in the company, valued at $950,595.41. This trade represents a 13.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,490 shares of company stock worth $479,728. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NYT. Hantz Financial Services Inc. boosted its stake in New York Times by 4,591.7% during the second quarter. Hantz Financial Services Inc. now owns 563 shares of the company's stock worth $32,000 after acquiring an additional 551 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in 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 acquiring an additional 739 shares in the last quarter. American National Bank & Trust bought a new position in New York Times during the first quarter worth $45,000. WPG Advisers LLC bought a new position in New York Times during the first quarter worth $60,000. Finally, UMB Bank n.a. raised its holdings in New York Times by 79.3% during the second quarter. UMB Bank n.a. now owns 1,675 shares of the company's stock worth $94,000 after buying an additional 741 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

New York Times Price Performance

The company's fifty day simple moving average is $54.89 and its two-hundred day simple moving average is $52.06. The stock has a market cap of $9.82 billion, a price-to-earnings ratio of 32.74, a P/E/G ratio of 1.47 and a beta of 1.09.

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.

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