GAMMA Investing LLC Buys 1,226 Shares of The New York Times Company $NYT

GAMMA Investing LLC boosted its stake in The New York Times Company (NYSE:NYT) by 53.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,501 shares of the company’s stock after purchasing an additional 1,226 shares during the quarter. GAMMA Investing LLC’s holdings in New York Times were worth $196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of NYT. Geneos Wealth Management Inc. raised its position in shares of New York Times by 690.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 846 shares of the company’s stock valued at $42,000 after buying an additional 739 shares in the last quarter. American National Bank & Trust bought a new position in New York Times in the first quarter valued at $45,000. WPG Advisers LLC purchased a new stake in New York Times during the first quarter valued at about $60,000. UMB Bank n.a. raised its position in New York Times by 79.3% during the second quarter. UMB Bank n.a. now owns 1,675 shares of the company’s stock valued at $94,000 after purchasing an additional 741 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC bought a new stake in New York Times during the first quarter worth about $99,000. Hedge funds and other institutional investors own 95.37% of the company’s stock.

New York Times Stock Performance

Shares of New York Times stock opened at $58.14 on Monday. The New York Times Company has a 52-week low of $44.83 and a 52-week high of $62.24. The company’s 50 day moving average price is $57.47 and its 200-day moving average price is $54.40. The stock has a market capitalization of $9.47 billion, a price-to-earnings ratio of 29.97, a P/E/G ratio of 1.47 and a beta of 1.16.

New York Times (NYSE:NYT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.08. The business had revenue of $685.90 million during the quarter, compared to analysts’ expectations of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 EPS. As a group, equities research analysts forecast that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 23rd. Shareholders of record on Wednesday, October 8th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. New York Times’s payout ratio is 37.11%.

Insider Activity at New York Times

In other news, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total value of $330,220.00. Following the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Bardeen sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the transaction, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. This trade represents 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.

Analyst Ratings Changes

Several brokerages have recently commented on NYT. Evercore ISI increased their price objective on New York Times from $60.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Guggenheim increased their price target on shares of New York Times from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Morgan Stanley lifted their price target on shares of New York Times from $54.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. Barclays set a $52.00 price objective on shares of New York Times and gave the company an “equal weight” rating in a research note on Thursday, August 7th. Finally, Zacks Research cut shares of New York Times from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, New York Times presently has an average rating of “Moderate Buy” and a consensus target price of $60.33.

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.