Q2 2023 EPS Estimates for The New York Times Company Cut by Analyst (NYSE:NYT)

The New York Times Company (NYSE:NYT – Get Rating) – Investment analysts at Zacks Research lowered their Q2 2023 EPS estimates for New York Times in a research note issued on Wednesday, May 24th. Zacks Research analyst S. Singh now forecasts that the company will post earnings per share of $0.21 for the quarter, down from their prior forecast of $0.24. The consensus estimate for New York Times’ current full-year earnings is $1.29 per share. Zacks Research also issued estimates for New York Times’ Q3 2023 earnings at $0.27 EPS, FY2023 earnings at $1.27 EPS, Q3 2024 earnings at $0.32 EPS, Q4 2024 earnings at $0.63 EPS, Q1 2025 earnings at $0.27 EPS and FY2025 earnings at $1.71 EPS.

Several other research firms also recently weighed in on NYT. JPMorgan Chase & Co. lifted their price target on shares of New York Times from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Wednesday, March 15th. Barclays reduced their price target on shares of New York Times from $36.00 to $33.00 in a research report on Friday, May 12th. StockNews.com lowered shares of New York Times from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th. Finally, Morgan Stanley boosted their target price on shares of New York Times from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 9th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $36.58.

New York Times Stock Up 0.2 %

Shares of NYT stock opened at $35.84 on Friday. The firm has a 50 day moving average of $38.33 and a 200-day moving average of $36.58. The company has a market cap of $5.90 billion, a price-to-earnings ratio of 31.17 and a beta of 0.99. New York Times has a 52 week low of $27.58 and a 52 week high of $42.40.

New York Times (NYSE:NYT – Get Rating) last announced its earnings results on Wednesday, May 10th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. New York Times had a return on equity of 13.49% and a net margin of 8.21%. The company had revenue of $560.74 million for the quarter, compared to analyst estimates of $564.37 million. During the same quarter in the prior year, the company earned $0.19 EPS.

Institutional Trading of New York Times

Several institutional investors and hedge funds have recently made changes to their positions in the company. Stockbridge Partners LLC grew its position in New York Times by 61.5% in the 1st quarter. Stockbridge Partners LLC now owns 6,490,990 shares of the company’s stock worth $297,547,000 after purchasing an additional 2,470,866 shares in the last quarter. Millennium Management LLC grew its holdings in shares of New York Times by 16,960.8% in the fourth quarter. Millennium Management LLC now owns 1,782,685 shares of the company’s stock valued at $57,866,000 after acquiring an additional 1,772,236 shares in the last quarter. Norges Bank purchased a new stake in shares of New York Times during the fourth quarter valued at approximately $51,766,000. Wellington Management Group LLP lifted its holdings in New York Times by 31.9% during the first quarter. Wellington Management Group LLP now owns 5,741,738 shares of the company’s stock worth $263,201,000 after acquiring an additional 1,389,189 shares during the period. Finally, Independent Franchise Partners LLP purchased a new position in New York Times in the first quarter worth $45,337,000. Hedge funds and other institutional investors own 99.15% of the company’s stock.

New York Times declared that its Board of Directors has initiated a share repurchase plan on Wednesday, February 8th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 3.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.