Brokerages Set The New York Times Company (NYSE:NYT) PT at $56.40

The New York Times Company (NYSE:NYT) has earned an average rating of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $56.40.

A number of research analysts have commented on the stock. Citigroup restated a “buy” rating on shares of New York Times in a research note on Thursday, June 12th. Wall Street Zen upgraded shares of New York Times from a “hold” rating to a “buy” rating in a research note on Friday, April 11th. Finally, Guggenheim lifted their target price on shares of New York Times from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Monday, June 2nd.

Insider Transactions at New York Times

In related news, CAO R Anthony Benten sold 1,990 shares of the business’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $56.75, for a total value of $112,932.50. Following the sale, the chief accounting officer directly owned 39,685 shares of the company’s stock, valued at approximately $2,252,123.75. The trade was a 4.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David S. Perpich sold 4,000 shares of the business’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total transaction of $224,720.00. Following the sale, the director directly owned 27,569 shares in the company, valued at $1,548,826.42. This trade represents a 12.67% decrease in their ownership of the stock. 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. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Proficio Capital Partners LLC acquired a new position in New York Times in the 4th quarter valued at about $1,200,000. Raymond James Financial Inc. acquired a new position in New York Times in the 4th quarter valued at about $1,544,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in New York Times in the 4th quarter valued at about $369,000. Swiss National Bank grew its stake in New York Times by 0.7% in the 4th quarter. Swiss National Bank now owns 305,400 shares of the company’s stock valued at $15,896,000 after buying an additional 2,100 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in New York Times by 2.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 17,752 shares of the company’s stock valued at $924,000 after buying an additional 401 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

New York Times Trading Down 1.0%

NYSE NYT opened at $53.30 on Thursday. New York Times has a 1-year low of $44.83 and a 1-year high of $58.16. The company has a market capitalization of $8.69 billion, a PE ratio of 28.97, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The firm’s fifty day simple moving average is $55.48 and its 200-day simple moving average is $52.00.

New York Times (NYSE:NYT) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.06. The company had revenue of $635.91 million for the quarter, compared to the consensus estimate of $634.99 million. New York Times had a return on equity of 18.70% and a net margin of 11.53%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. As a group, analysts predict that New York Times will post 2.08 EPS for the current year.

New York Times Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 24th. Stockholders of record on Wednesday, July 9th will be given a dividend of $0.18 per share. The ex-dividend date is Wednesday, July 9th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.35%. New York Times’s dividend payout ratio is 39.13%.

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.