Bank of New York Mellon Corp Lowers Holdings in The New York Times Company (NYSE:NYT)

Bank of New York Mellon Corp trimmed its position in The New York Times Company (NYSE:NYTGet Rating) by 15.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,697,743 shares of the company’s stock after selling 313,610 shares during the quarter. Bank of New York Mellon Corp owned 1.03% of New York Times worth $48,811,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in NYT. JPMorgan Chase & Co. lifted its holdings in shares of New York Times by 2.0% in the 1st quarter. JPMorgan Chase & Co. now owns 302,022 shares of the company’s stock worth $13,845,000 after buying an additional 5,921 shares during the period. American Century Companies Inc. lifted its holdings in shares of New York Times by 11.9% in the 1st quarter. American Century Companies Inc. now owns 17,533 shares of the company’s stock worth $804,000 after buying an additional 1,870 shares during the period. HighTower Advisors LLC lifted its holdings in shares of New York Times by 7.8% in the 1st quarter. HighTower Advisors LLC now owns 5,619 shares of the company’s stock worth $259,000 after buying an additional 406 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of New York Times by 1.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 21,607 shares of the company’s stock worth $991,000 after buying an additional 354 shares during the period. Finally, Natixis Advisors L.P. purchased a new stake in shares of New York Times during the 1st quarter worth $476,000. 99.15% of the stock is currently owned by hedge funds and other institutional investors.

New York Times Stock Performance

New York Times stock opened at $36.48 on Friday. The stock has a 50-day moving average of $36.61 and a two-hundred day moving average of $33.51. The New York Times Company has a one year low of $27.58 and a one year high of $47.67. The stock has a market cap of $6.03 billion, a PE ratio of 34.74 and a beta of 0.99.

New York Times Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 20th. Shareholders of record on Wednesday, April 5th will be paid a $0.11 dividend. The ex-dividend date is Tuesday, April 4th. This is a boost from New York Times’s previous quarterly dividend of $0.09. This represents a $0.44 dividend on an annualized basis and a yield of 1.21%. New York Times’s dividend payout ratio (DPR) is 34.29%.

New York Times declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 8th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Morgan Stanley upped their price objective on New York Times from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 9th. TheStreet upgraded New York Times from a “c+” rating to a “b-” rating in a research note on Monday, December 5th. Barclays upgraded New York Times from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $25.00 to $36.00 in a research note on Thursday, February 9th. Finally, StockNews.com upgraded New York Times from a “hold” rating to a “buy” rating in a research note on Thursday, February 9th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $37.08.

Insider Buying and Selling at New York Times

In other New York Times news, CFO Roland A. Caputo sold 12,500 shares of the stock in a transaction dated Friday, February 10th. The stock was sold at an average price of $39.44, for a total value of $493,000.00. Following the completion of the sale, the chief financial officer now directly owns 62,853 shares in the company, valued at $2,478,922.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Levien Meredith A. Kopit sold 29,758 shares of the stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $40.05, for a total value of $1,191,807.90. Following the transaction, the chief executive officer now directly owns 74,610 shares of the company’s stock, valued at $2,988,130.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Roland A. Caputo sold 12,500 shares of the stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $39.44, for a total value of $493,000.00. Following the completion of the transaction, the chief financial officer now directly owns 62,853 shares in the company, valued at $2,478,922.32. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

About New York Times

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The New York Times Co is a media organization, which engages in creating, collecting, and distributing news and information. It offers news products and other interest-specific products, and related content and services. It offers newspapers, print, and digital products and investments. The firm also manages The New York Times, NYTimes.com, and mobile applications.

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Institutional Ownership by Quarter for New York Times (NYSE:NYT)

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