New York Times (NYSE:NYT) Stock Price Expected to Rise, Guggenheim Analyst Says

Key Points

• Guggenheim has raised the price target for New York Times (NYSE:NYT) from $55.00 to $56.00, indicating a potential downside of 7.48% from its current price, while maintaining a "neutral" rating.
• Analysts have mixed opinions on NYT, with Citigroup rating it a "buy" and a consensus rating of "Moderate Buy," coupled with an average target price of $58.00.
• The company reported earnings of $0.58 per share for the last quarter, exceeding expectations and reflecting a revenue increase of 9.7% compared to the same period last year.

New York Times (NYSE:NYT - Get Free Report) had its price target raised by equities research analysts at Guggenheim from $55.00 to $56.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Guggenheim's price objective would suggest a potential downside of 7.48% from the stock's current price.

A number of other analysts have also weighed in on NYT. Citigroup reiterated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Wall Street Zen raised shares of New York Times from a "hold" rating to a "buy" rating in a research note 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.00.

New York Times Price Performance

Shares of NYSE:NYT traded down $1.42 during trading hours on Thursday, hitting $60.53. 617,802 shares of the company's stock traded hands, compared to its average volume of 1,767,065. The business has a fifty day moving average price of $54.89 and a 200-day moving average price of $52.06. The firm has a market capitalization of $9.87 billion, a P/E ratio of 32.90, a price-to-earnings-growth ratio of 1.46 and a beta of 1.09. New York Times has a 1 year low of $44.83 and a 1 year high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.08. The company had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. New York Times had a net margin of 11.53% and a return on equity of 18.70%. The firm's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, equities analysts predict that New York Times will post 2.08 earnings per share for the current year.

Insider Activity at New York Times

In other news, CAO R Anthony Benten sold 1,990 shares of New York Times stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $56.75, for a total transaction of $112,932.50. Following the sale, the chief accounting officer directly owned 39,685 shares of the company's stock, valued at approximately $2,252,123.75. The trade was a 4.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David S. Perpich sold 4,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total transaction of $224,720.00. Following the sale, the director owned 27,569 shares of the company's stock, valued at approximately $1,548,826.42. The trade was a 12.67% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,490 shares of company stock valued at $479,728. Insiders own 1.90% of the company's stock.

Institutional Trading of New York Times

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. LPL Financial LLC lifted its holdings in shares of New York Times by 11.7% during the fourth quarter. LPL Financial LLC now owns 8,164 shares of the company's stock valued at $425,000 after purchasing an additional 858 shares during the last quarter. Wells Fargo & Company MN increased its position in New York Times by 2.0% in the 4th quarter. Wells Fargo & Company MN now owns 184,338 shares of the company's stock worth $9,595,000 after purchasing an additional 3,701 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in New York Times by 4.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 156,592 shares of the company's stock valued at $8,151,000 after acquiring an additional 6,501 shares during the last quarter. Russell Investments Group Ltd. increased its position in New York Times by 142.9% during the fourth quarter. Russell Investments Group Ltd. now owns 273,322 shares of the company's stock worth $14,229,000 after buying an additional 160,788 shares during the last quarter. Finally, Cerity Partners LLC raised its stake in shares of New York Times by 8.2% in the 4th quarter. Cerity Partners LLC now owns 17,305 shares of the company's stock valued at $920,000 after acquiring an additional 1,306 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors.

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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