Fifth Third Bancorp Acquires 1,460 Shares of The New York Times Company (NYSE:NYT)

Fifth Third Bancorp boosted its holdings in The New York Times Company (NYSE:NYT) by 13.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,450 shares of the company’s stock after acquiring an additional 1,460 shares during the period. Fifth Third Bancorp’s holdings in New York Times were worth $618,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Harbor Capital Advisors Inc. bought a new stake in New York Times in the 1st quarter valued at $1,183,000. Pallas Capital Advisors LLC bought a new position in New York Times during the 1st quarter worth $526,000. Vest Financial LLC bought a new position in New York Times during the 1st quarter worth $3,142,000. Merit Financial Group LLC bought a new position in New York Times during the 1st quarter worth $703,000. Finally, NBC Securities Inc. increased its position in New York Times by 100,490.9% during the 1st quarter. NBC Securities Inc. now owns 11,065 shares of the company’s stock worth $548,000 after buying an additional 11,054 shares during the period. Institutional investors own 95.37% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Citigroup reiterated a “buy” rating on shares of New York Times in a research report on Thursday, June 12th. Wall Street Zen upgraded New York Times from a “hold” rating to a “buy” rating in a research report on Friday, April 11th. Finally, Guggenheim increased their price objective on New York Times from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Monday, June 2nd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, New York Times presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.40.

New York Times Stock Performance

Shares of NYSE NYT opened at $53.78 on Wednesday. The New York Times Company has a 52 week low of $44.83 and a 52 week high of $58.16. The stock has a market capitalization of $8.77 billion, a P/E ratio of 29.23, a PEG ratio of 1.95 and a beta of 1.13. The stock’s fifty day moving average is $53.25 and its 200 day moving average is $51.78.

New York Times (NYSE:NYT) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. New York Times had a return on equity of 18.70% and a net margin of 11.53%. The company had revenue of $635.91 million for the quarter, compared to analysts’ expectations of $634.99 million. During the same quarter last year, the business earned $0.31 earnings per share. New York Times’s revenue was up 7.1% on a year-over-year basis. Equities research analysts forecast that The New York Times Company will post 2.08 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David S. Perpich sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total value of $224,720.00. Following the sale, the director now directly owns 27,569 shares of the company’s stock, valued at $1,548,826.42. This trade represents a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP William Bardeen sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $56.83, for a total value of $142,075.00. Following the completion of the sale, the executive vice president now directly owns 16,727 shares in the company, valued at $950,595.41. This trade represents a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,490 shares of company stock worth $479,728. Company insiders own 1.90% of the company’s stock.

New York Times 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.