Charles Schwab Investment Management Inc. Cuts Stake in The New York Times Company $NYT

Charles Schwab Investment Management Inc. reduced its position in The New York Times Company (NYSE:NYT) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,821,476 shares of the company’s stock after selling 24,537 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.12% of New York Times worth $101,966,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC raised its holdings in shares of New York Times by 383.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company’s stock valued at $87,538,000 after purchasing an additional 1,399,865 shares in the last quarter. AQR Capital Management LLC increased its holdings in New York Times by 101.6% during the first quarter. AQR Capital Management LLC now owns 2,351,100 shares of the company’s stock valued at $115,627,000 after buying an additional 1,184,729 shares during the period. Burgundy Asset Management Ltd. raised its stake in New York Times by 65.2% in the first quarter. Burgundy Asset Management Ltd. now owns 2,325,224 shares of the company’s stock worth $115,331,000 after buying an additional 917,766 shares in the last quarter. Nuveen LLC purchased a new stake in New York Times during the first quarter worth $37,500,000. Finally, Alliancebernstein L.P. boosted its position in New York Times by 37.4% during the 1st quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company’s stock valued at $130,091,000 after acquiring an additional 714,317 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors.

New York Times Price Performance

NYSE:NYT opened at $64.50 on Friday. The company has a 50 day moving average price of $58.89 and a 200-day moving average price of $57.28. The firm has a market cap of $10.47 billion, a price-to-earnings ratio of 33.25, a price-to-earnings-growth ratio of 1.41 and a beta of 1.14. The New York Times Company has a 1-year low of $44.83 and a 1-year high of $65.32.

New York Times (NYSE:NYT) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.05. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The company had revenue of $700.82 million for the quarter, compared to analysts’ expectations of $692.01 million. During the same period in the previous year, the firm posted $0.45 EPS. New York Times’s revenue was up 9.5% compared to the same quarter last year. On average, sell-side analysts anticipate that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 23rd. Investors of record on Wednesday, October 8th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, October 8th. This represents a $0.72 annualized dividend and a yield of 1.1%. New York Times’s dividend payout ratio is presently 35.12%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NYT. JPMorgan Chase & Co. boosted their price target on New York Times from $70.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Evercore ISI reissued an “outperform” rating on shares of New York Times in a research report on Thursday, November 6th. Guggenheim raised their price target on shares of New York Times from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Zacks Research lowered shares of New York Times from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 8th. Finally, Morgan Stanley increased their target price on shares of New York Times from $59.00 to $62.00 and gave the company an “equal weight” rating in a research report on Thursday, November 6th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.57.

New York Times Company 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.