The New York Times Company Plans Quarterly Dividend of $0.18 (NYSE:NYT)

The New York Times Company (NYSE:NYT - Get Free Report) declared a quarterly dividend on Thursday, June 26th, RTT News reports. Shareholders of record on Wednesday, July 9th will be given a dividend of 0.18 per share on Thursday, July 24th. This represents a $0.72 annualized dividend and a yield of 1.29%.

New York Times has a dividend payout ratio of 30.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect New York Times to earn $2.35 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 30.6%.

New York Times Stock Up 1.1%

Shares of New York Times stock traded up $0.59 during midday trading on Thursday, hitting $55.88. The company's stock had a trading volume of 1,235,688 shares, compared to its average volume of 1,390,786. New York Times has a 1-year low of $44.83 and a 1-year high of $58.16. The firm has a market capitalization of $9.11 billion, a P/E ratio of 26.20, a PEG ratio of 1.92 and a beta of 1.13. The stock has a 50-day simple moving average of $53.98 and a 200-day simple moving average of $51.80.

New York Times (NYSE:NYT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.06. The firm had revenue of $635.91 million during the quarter, compared to analyst estimates of $634.99 million. New York Times had a return on equity of 18.70% and a net margin of 11.53%. The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company posted $0.31 EPS. As a group, sell-side analysts predict that New York Times will post 2.08 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO R Anthony Benten sold 1,990 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $56.75, for a total transaction of $112,932.50. Following the transaction, the chief accounting officer now owns 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 SEC, which is available through this hyperlink. Also, Director David S. Perpich sold 4,000 shares of the 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 completion of the sale, the director now directly owns 27,569 shares of the company's stock, valued at approximately $1,548,826.42. This trade represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,490 shares of company stock worth $479,728 in the last quarter. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC bought a new position in New York Times during the first quarter valued at about $442,000. Focus Partners Wealth grew its holdings in shares of New York Times by 52.2% during the 1st quarter. Focus Partners Wealth now owns 11,640 shares of the company's stock worth $577,000 after purchasing an additional 3,990 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position 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 valued at $42,000 after purchasing an additional 739 shares during the period. Institutional investors own 95.37% of the company's stock.

Analyst Upgrades and Downgrades

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

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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