Brown Advisory Inc. Sells 27,380 Shares of The New York Times Company (NYSE:NYT)

Brown Advisory Inc. lowered its stake in shares of The New York Times Company (NYSE:NYT) by 61.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,986 shares of the company’s stock after selling 27,380 shares during the quarter. Brown Advisory Inc.’s holdings in New York Times were worth $843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its holdings in New York Times by 0.4% in the first quarter. Principal Financial Group Inc. now owns 375,258 shares of the company’s stock worth $18,613,000 after acquiring an additional 1,315 shares in the last quarter. Hixon Zuercher LLC raised its position in New York Times by 5.1% during the first quarter. Hixon Zuercher LLC now owns 13,721 shares of the company’s stock valued at $681,000 after acquiring an additional 669 shares in the last quarter. Confluence Wealth Services Inc. increased its position in shares of New York Times by 6.1% in the first quarter. Confluence Wealth Services Inc. now owns 25,596 shares of the company’s stock valued at $1,291,000 after buying an additional 1,477 shares in the last quarter. Copeland Capital Management LLC purchased a new stake in shares of New York Times in the first quarter valued at approximately $20,979,000. Finally, Bartlett & CO. Wealth Management LLC purchased a new stake in shares of New York Times in the first quarter valued at approximately $99,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

New York Times Price Performance

NYT stock opened at $56.20 on Tuesday. The firm has a market capitalization of $9.16 billion, a P/E ratio of 30.54, a P/E/G ratio of 1.53 and a beta of 1.11. The business’s 50-day moving average is $55.40 and its two-hundred day moving average is $51.95. 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 quarterly earnings data on Wednesday, May 7th. The company reported $0.41 EPS for the quarter, beating 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 business had revenue of $635.91 million for the quarter, compared to the consensus estimate of $634.99 million. During the same quarter in the prior year, the business posted $0.31 EPS. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts expect that The New York Times Company will post 2.08 EPS for the current year.

New York Times Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 24th. Investors of record on Wednesday, July 9th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, July 9th. This represents a $0.72 dividend on an annualized basis and a yield of 1.28%. New York Times’s dividend payout ratio is presently 39.13%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NYT shares. Citigroup reaffirmed a “buy” rating on shares of New York Times in a research note on Thursday, June 12th. Guggenheim lifted their target price on New York Times from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Monday, June 2nd. Finally, Wall Street Zen raised New York Times from a “hold” rating to a “buy” rating in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.40.

Insider Buying and Selling

In related news, CAO R Anthony Benten sold 1,990 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $56.75, for a total transaction of $112,932.50. Following the transaction, the chief accounting officer owned 39,685 shares in the company, valued at $2,252,123.75. This trade represents a 4.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP William Bardeen sold 2,500 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $56.83, for a total value of $142,075.00. Following the sale, the executive vice president directly owned 16,727 shares of the company’s stock, valued at $950,595.41. The trade was a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,490 shares of company stock worth $479,728 in the last quarter. 1.90% of the stock is owned by 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.