Assenagon Asset Management S.A. Sells 37,802 Shares of The New York Times Company (NYSE:NYT)

Assenagon Asset Management S.A. lowered its position in The New York Times Company (NYSE:NYT) by 44.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,171 shares of the company’s stock after selling 37,802 shares during the quarter. Assenagon Asset Management S.A.’s holdings in New York Times were worth $2,389,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in New York Times by 511.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 471 shares of the company’s stock worth $25,000 after buying an additional 394 shares in the last quarter. Mountain Hill Investment Partners Corp. purchased a new position in shares of New York Times during the 4th quarter worth $36,000. American National Bank & Trust bought a new stake in shares of New York Times during the 1st quarter valued at $45,000. Smartleaf Asset Management LLC raised its position in shares of New York Times by 27.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,140 shares of the company’s stock valued at $60,000 after purchasing an additional 247 shares during the period. Finally, Bessemer Group Inc. increased its holdings in New York Times by 12.6% in the 4th quarter. Bessemer Group Inc. now owns 1,895 shares of the company’s stock valued at $99,000 after acquiring an additional 212 shares during the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

New York Times Stock Performance

NYT opened at $56.00 on Tuesday. The firm has a 50 day moving average price of $53.14 and a 200 day moving average price of $51.77. The company has a market cap of $9.13 billion, a PE ratio of 31.46, a price-to-earnings-growth ratio of 1.75 and a beta of 1.13. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $58.16.

New York Times (NYSE:NYT) last released its earnings results on Wednesday, May 7th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.35 by $0.06. New York Times had a return on equity of 18.51% and a net margin of 11.36%. The company had revenue of $635.91 million during the quarter, compared to analysts’ expectations of $634.99 million. During the same period in the prior year, the business posted $0.31 EPS. The business’s revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts predict that The New York Times Company will post 2.08 earnings per share for the current year.

Insider Buying and Selling

In other New York Times news, Director David S. Perpich sold 4,000 shares of New York Times 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 sale, the director now owns 27,569 shares in the company, valued at $1,548,826.42. The trade was a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William Bardeen sold 2,500 shares of New York Times stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.83, for a total transaction of $142,075.00. Following the sale, the executive vice president now owns 16,727 shares in the company, valued at $950,595.41. This represents a 13.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,490 shares of company stock valued at $479,728 over the last three months. Company insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on NYT. Guggenheim lifted their price target on shares of New York Times from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Monday, June 2nd. Wall Street Zen raised shares of New York Times from a “hold” rating to a “buy” rating in a report on Friday, April 11th. Finally, Citigroup reissued a “buy” rating on shares of New York Times in a report on Thursday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, New York Times presently has a consensus rating of “Moderate Buy” and an average price target of $56.40.

New York Times Company Profile

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.