New York Times' (NYT) Buy (B) Rating Reiterated at Weiss Ratings

Key Points

• Weiss Ratings has reiterated a "buy" rating for New York Times (NYSE: NYT), indicating continued confidence in the stock's performance.
• Analysts have shown mixed sentiments with Morgan Stanley and Citigroup maintaining or raising their price targets, while Zacks Research downgraded the stock to a "hold" rating.
• New York Times reported strong quarterly results with an EPS of $0.58, exceeding analysts' expectations, and showed a significant revenue increase of 9.7% year-over-year to $685.90 million.

New York Times (NYSE:NYT - Get Free Report)'s stock had its "buy (b)" rating reiterated by analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other brokerages have also recently commented on NYT. Morgan Stanley boosted their target price on shares of New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Guggenheim upped their price target on shares of New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Zacks Research cut shares of New York Times from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Finally, Barclays set a $52.00 price target on shares of New York Times and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, New York Times has an average rating of "Moderate Buy" and a consensus target price of $60.33.

New York Times Trading Up 0.4%

Shares of NYT stock opened at $55.27 on Wednesday. New York Times has a 12 month low of $44.83 and a 12 month high of $62.24. The stock has a market cap of $9.00 billion, a PE ratio of 28.49, a price-to-earnings-growth ratio of 1.39 and a beta of 1.16. The company's fifty day moving average price is $58.01 and its 200-day moving average price is $54.72.

New York Times (NYSE:NYT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The firm had revenue of $685.90 million for the quarter, compared to analysts' expectations of $670.22 million. During the same quarter in the previous year, the business posted $0.45 EPS. The company's quarterly revenue was up 9.7% on a year-over-year basis. On average, sell-side analysts forecast that New York Times will post 2.08 earnings per share for the current fiscal year.

Insider Transactions at New York Times

In other news, EVP William Bardeen sold 5,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total transaction of $290,200.00. Following the completion of the sale, the executive vice president owned 11,243 shares of the company's stock, valued at $652,543.72. This represents a 30.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $60.04, for a total transaction of $330,220.00. Following the sale, the executive vice president directly owned 14,470 shares of the company's stock, valued at $868,778.80. The trade was a 27.54% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On New York Times

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Covestor Ltd raised its stake in shares of New York Times by 7.9% in the first quarter. Covestor Ltd now owns 2,849 shares of the company's stock worth $141,000 after purchasing an additional 208 shares during the last quarter. MAI Capital Management raised its stake in shares of New York Times by 7.2% in the second quarter. MAI Capital Management now owns 3,516 shares of the company's stock worth $197,000 after purchasing an additional 236 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of New York Times by 3.5% in the second quarter. ProShare Advisors LLC now owns 7,195 shares of the company's stock worth $403,000 after purchasing an additional 243 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of New York Times by 0.5% in the second quarter. Public Employees Retirement System of Ohio now owns 54,815 shares of the company's stock worth $3,069,000 after purchasing an additional 271 shares during the last quarter. Finally, Valueworks LLC raised its stake in shares of New York Times by 0.3% in the first quarter. Valueworks LLC now owns 88,939 shares of the company's stock worth $4,411,000 after purchasing an additional 278 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

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.

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