The New York Times Company (NYSE:NYT) Declares $0.13 Quarterly Dividend

The New York Times Company (NYSE:NYT) declared a quarterly dividend on Monday, September 30th, Wall Street Journal reports. Shareholders of record on Wednesday, October 9th will be given a dividend of 0.13 per share on Thursday, October 24th. This represents a $0.52 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Wednesday, October 9th.

New York Times has increased its dividend by an average of 22.2% annually over the last three years. New York Times has a payout ratio of 25.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect New York Times to earn $2.07 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 25.1%.

New York Times Trading Up 0.6 %

New York Times stock traded up $0.35 during mid-day trading on Monday, hitting $55.67. 763,430 shares of the company’s stock were exchanged, compared to its average volume of 1,128,749. The stock has a market cap of $9.15 billion, a P/E ratio of 36.88 and a beta of 1.03. New York Times has a 1-year low of $39.73 and a 1-year high of $56.49. The stock has a 50 day moving average of $54.15 and a two-hundred day moving average of $49.86.

New York Times (NYSE:NYT) last posted its earnings results on Wednesday, August 7th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $625.00 million for the quarter, compared to the consensus estimate of $624.82 million. New York Times had a net margin of 10.81% and a return on equity of 17.45%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 earnings per share. As a group, research analysts predict that New York Times will post 1.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. JPMorgan Chase & Co. increased their target price on shares of New York Times from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Barclays raised their price target on New York Times from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.67.

Insider Buying and Selling

In related news, CFO William Bardeen sold 2,000 shares of New York Times stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $54.56, for a total transaction of $109,120.00. Following the sale, the chief financial officer now directly owns 10,315 shares of the company’s stock, valued at $562,786.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other New York Times news, CEO Levien Meredith A. Kopit sold 18,300 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $53.92, for a total transaction of $986,736.00. Following the completion of the transaction, the chief executive officer now owns 101,772 shares in the company, valued at $5,487,546.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO William Bardeen sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $54.56, for a total transaction of $109,120.00. Following the transaction, the chief financial officer now owns 10,315 shares of the company’s stock, valued at approximately $562,786.40. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

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.