Analysts Set The New York Times Company (NYSE:NYT) Price Target at $60.33

The New York Times Company (NYSE:NYT) has been assigned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $60.3333.

A number of equities research analysts recently weighed in on the stock. Citigroup reaffirmed a “buy” rating on shares of New York Times in a report on Thursday, June 12th. Barclays set a $52.00 price objective on shares of New York Times and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Morgan Stanley raised their price objective on shares of New York Times from $54.00 to $59.00 and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Guggenheim raised their price objective on shares of New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Finally, Evercore ISI raised their price objective on shares of New York Times from $60.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, August 8th.

New York Times Stock Down 0.3%

New York Times stock opened at $59.00 on Friday. New York Times has a 52-week low of $44.83 and a 52-week high of $62.24. The firm has a fifty day moving average of $56.71 and a 200-day moving average of $53.31. The firm has a market capitalization of $9.61 billion, a P/E ratio of 30.41, a PEG ratio of 1.49 and a beta of 1.16.

New York Times (NYSE:NYT) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. The company had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, research analysts expect that New York Times will post 2.08 EPS for the current fiscal year.

New York Times Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Wednesday, July 9th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 9th. New York Times’s dividend payout ratio (DPR) is currently 37.11%.

Insider Transactions at New York Times

In other news, EVP Jacqueline M. Welch sold 5,500 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $60.04, for a total value of $330,220.00. Following the transaction, the executive vice president directly owned 14,470 shares in the company, valued at approximately $868,778.80. This trade represents a 27.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP William Bardeen sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total transaction of $290,200.00. Following the completion of the transaction, the executive vice president owned 11,243 shares in the company, valued at approximately $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

Institutional Trading of New York Times

Hedge funds have recently bought and sold shares of the company. Employees Retirement System of Texas bought a new stake in New York Times in the 2nd quarter valued at about $28,000. Hantz Financial Services Inc. lifted its position in New York Times by 4,591.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 563 shares of the company’s stock valued at $32,000 after purchasing an additional 551 shares during the last quarter. True Wealth Design LLC lifted its position in New York Times by 519.6% in the 2nd quarter. True Wealth Design LLC now owns 570 shares of the company’s stock valued at $32,000 after purchasing an additional 478 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in New York Times by 86.8% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 710 shares of the company’s stock valued at $40,000 after purchasing an additional 330 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in New York Times by 690.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 846 shares of the company’s stock valued at $42,000 after purchasing an additional 739 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.

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.